Topic: [2018-04-17] Why the IRS Should Treat Crypto as a New Asset Class (Read 113 times)
I think cryptos probably should be seen as a new asset class. Whether the IRS will see it that way remains to be seen. Definitely safe harbor rules are going to be needed and I'm all for eliminating the wash sale rules.
April 17, 2018, 01:49:32 AM
2017 was a banner year for cryptocurrency--an expansive bull market, exciting new coins, and an explosion of crypto-related services.
As cryptocurrencies finally reached the mainstream, regulators and governments have stepped up their oversight. While some nations banned (and rapidly un-banned) cryptocurrency marketplaces and services, the United States moved towards more stringent IRS enforcement by establishing a dedicated cryptocurrency team and forcing major exchanges like Coinbase to turn over user information on trades.
https://www.coindesk.com/irs-treat-crypto-new-asset-class/
As cryptocurrencies finally reached the mainstream, regulators and governments have stepped up their oversight. While some nations banned (and rapidly un-banned) cryptocurrency marketplaces and services, the United States moved towards more stringent IRS enforcement by establishing a dedicated cryptocurrency team and forcing major exchanges like Coinbase to turn over user information on trades.
https://www.coindesk.com/irs-treat-crypto-new-asset-class/
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