> “As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury Department said in a report on tax-enforcement proposals released Thursday.<p>Nothing to see here. It's part of a pattern of explicitly stating that for regulatory purposes, Bitcoin works like a currency, but for tax purposes Bitcoin works like an asset.
$10,000 makes absolutely no sense in this day and age. The Bank Secrecy Act was made in 1970 and 10k was >250k in todays dollars. It is borderline authoritarian to audit all transactions over 10k now.
Isn't this already required, sort of? AFAIK you have to report fiat transfers exceeding $10k. If you're cashing out at an exchange, and you sell $10K of bitcoins and then transfer to your bank account, that transfer would have to be reported. I suppose this requirement would cover crypto-to-crypto trades, but most of the volume aren't on US exchanges so I doubt this would do much.<p>edit: misunderstood FINCEN requirements, only cash transactions over $10k have to be reported
This makes using crypto so unworkable that it practically makes every user with large amounts a criminal. Well, based on the author's implications, not on the quote that just indicates it is payments to a business
* Puts on tinfoil hat *<p>Considering how long it takes decisions like these to roll out is it likely that Tesla recently dropped coin based payments in part to avoid being a party to any upcoming money laundering investigations? Companies at all associated with large coin based payments have probably been in the know about this coming up for quite some time now.
I (and I think many others in crypto) have always assumed that any money/crypto transactions at any exchanges in the US is reported to the government or will be reported sooner or later. So not that big of a news imo.
Good. No one is really using any cryptocurrency for anything other than gambling or illegal activities.<p>Prove me wrong: who in their right mind would spend any crypto any literally anything right now when the price is going up and down like crazy?
This is already required, even for person-to-person transactions. Coinbase, Gemini, and Kraken do this. However I find it highly unlikely people do this voluntarily or will do this now voluntarily. Tools like Tornado.cash make it easy to “warp” funds into Defi land and then back out later with plausible deniability.
Once all the cryptos crash this will be a moot point.
Also all cryptos are bad for the environment. The reporting should be for transfers less than 5$. /s