Media Continues to Report Future Crypto Regulations as Crypto Price Positive. They Will Not Be.

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At the start of April this month, US Treasury Secretary Janet Yellen stated, “Taxpayers should receive the same type of tax reporting on digital asset transactions that they receive for transactions in stocks and bonds, so that they have the information they need to report their income to the IRS.”  This statement was just a slick way to state that all cryptocurrency exchanges will be required in the future, like all brokerage firms, to track and identify all trades made on their exchanges to a registered buyer so they can send them a year-end statement of their profits/losses.