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<blockquote data-quote="nkm" data-source="post: 4902993" data-attributes="member: 90931"><p>Sure, DEX exchanges could be used to make the money relatively untraceable. They don't want anyone who "shouldn't" be making money in crypto to be making money. I agree with you that the current IRS rules and proposed rules on reporting a simple movement of a certain balance of crypto is stupid -- many transactions are just movements between a mutually controlled wallet. No one is required to report when they move $10,000 in cash from their safe deposit box back to their house. Reporting should occur when such-and-such crypto is used for a large transaction between separate parties just like a normal cash transaction. Governments do need a reasonable ability to collect fair taxes, whatever they may be, but that should only be within reason. </p><p></p><p>But sure, at this point in time the government can't stand crypto. The majority of it is just wealth being extracted from nowhere and that makes most governments nervous. Still, there does need to be a certain amount of regulation to protect investors.</p></blockquote><p></p>
[QUOTE="nkm, post: 4902993, member: 90931"] Sure, DEX exchanges could be used to make the money relatively untraceable. They don't want anyone who "shouldn't" be making money in crypto to be making money. I agree with you that the current IRS rules and proposed rules on reporting a simple movement of a certain balance of crypto is stupid -- many transactions are just movements between a mutually controlled wallet. No one is required to report when they move $10,000 in cash from their safe deposit box back to their house. Reporting should occur when such-and-such crypto is used for a large transaction between separate parties just like a normal cash transaction. Governments do need a reasonable ability to collect fair taxes, whatever they may be, but that should only be within reason. But sure, at this point in time the government can't stand crypto. The majority of it is just wealth being extracted from nowhere and that makes most governments nervous. Still, there does need to be a certain amount of regulation to protect investors. [/QUOTE]
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