As tax time finishes again, we need to talk about crypto. Some cryptocurrencies fluctuate wildly. Some continue to grow. There are plenty of examples of people making quite a lot of money with it. It’s a business, it’s sometimes like stock, it’s an industry. It’s the future. Crypto is a big part of the modern world and will continue to be.
So, the IRS needs to fully lock down how crypto works within the IRS’s functions. And, thankfully, lawmakers are urging the right people to do just that. This is one instance where it makes sense to both sides to do this. I’m sure honest crypto users don’t want to unintentionally break the law, and I’m sure the IRS wants to get its cut of the value there—even if they only get it in dollars. The internet works fast, and the laws need to catch up with it.
Tax Day will continue to come every year, so we all need to know where crypto stands. This is a part of adoption too—the world’s systems open for crypto, but there also needs to be rules about what happens next. Let’s just hope it benefits the people who hold cryptos. It’s a currency built on a desire for freedom, after all.