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99% of crypto is probably going away.
Holding a security instead of a currency speaks volumes to what is planned next.
The infrastructure bill the house just passed with rules and regulations for cryptocurrency reporting is a game changer.
They are classifying digital assets as securities.
Brad Garlinghouse gave some warnings himself which were largely ignored.
There are people sitting at the table with the government, regulators, the biggest banks in finanical institutions.
These Lobbiest are already interfering and will continue to interfere.
See plans Even worse planned effective changes on Crypto Trades in 2023, Tax Filings in 2024*
Cash out and stay out else regret it. Before the Rush and your the one left with the empty bag.
Cryptocurrency exchanges have not previously been required to provide reports to their customers (like traditional brokers do), many taxpayers unknowingly failed to report their capital gains from cryptocurrencies, thus cheating the U.S. government out of tax income.*
Get out. There is no safety net on this Janga block chain tower that is about to fall.
https://www.voltequity.com/post/new-...structure-bill
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There is FUD, which is intentionally malicious, but then there is IFUD (Ignorant Fear Uncertainty and Doubt) which comes from a lack of knowledge.
- You already have to report taxes on crypto as property. Changing it to reporting as a security doesn't change the outcome for the individual: you pay income on capital gains when you sell the crypto, period.
- There already exist crypto tax services that use an API to grab all your trading info off exchanges you use (Coinbase, Kraken, Gemini, etc) and do the crypto portion of your taxes for you. One example is Taxbit, that raised $100 million from Tiger Global and Paradigm. They are now branching into normal tax prep too. Cya later classic tax accountants that don't adapt.
- Stocks are regulated as securities. Did 99% of stocks magically, suddenly, without reason, disappear?
- If bitcoin is a security, who is the legal entity that issues bitcoin? Who will the SEC approach to attempt to regulate the nature of bitcoin?
- Firo, Monero, and other coins are anonymous, how will they regulate those? (see https://www.firo.org/about/research/ for details on how they do privacy)
You got it backwards, pal. Banks will be replaced by crypto-friendly banks, or crypto exchanges that become banks. Classic tax accountants will have to learn crypto taxes, or be replaced.
The only thing that is going to fall is the old status quo financial system. You're telling people to run from the strong tower of safety into the tower of babel.