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Crypto Taxes should be done away with entirely. How can we be the crypto capital of the planet if the United Arab Emirates does not tax crypto and we do?? We can’t compete with that or El Salvador which doesn’t tax Bitcoin. Remove crypto tax from Americans. Let them invest in what they want to invest in! Furthermore, it is not feasible for the average American to have the technical know-how and resources to track and report on DeFi activity. Thus, if they are taxed on it, they will avoid it entirely, and the rest of the world will get ahead of America! DO AWAY with Crypto Taxes ENTIRELY. Taxing Crypto is giving the IRS license to harass Americans because it’s not feasible for the average American to track or report on.
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It is no secret nearly every Crypto exchange out there has banned North Korea, Iran and… wait for it… America. Our regulations and bureaucrats have created an environment which has effectively shut Americans out of the global crypto market. Even decentralized exchanges limit functionality for Americans or outright ban American IP addresses! This needs to end. Americans should be able to trade on the biggest exchanges where the opportunity is and be allowed to compete alongside everyone else. Free the Americans. Stop this ridiculous situation where Americans are turning to VPN. We are not China!!!
Focus on malicious actors. Don’t go after Americans for speculating on crypto! The government should stay in their lane and use their resources where it will have the greatest positive impact. Focus on criminals who are a danger to others!! As Elon Musk said, the government should get involved when someone is hurting other people. Otherwise, people have the right to pursue happiness and the government should stay away. Is this not the Land of the Free?? THEN LET FREEDOM RING!!!