The SEC is Attempting to Reclassify CryptoCurrencies as "Securities" - May lead to Americans being unable to participate on Crypto Exchanges

submitted by WarmPotato from helplbrysavecrypto.com

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[–][deleted] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (3 children)

I don't see the SEC classifying cryptos as securities as NECESSARILY being a problem. I trade stocks, they are securities, it works. Of course if I make a profit, then guverment wants a slice of that pie. I like that cryptos have remained unregulated, but who really thought they would remain so forever?

[–][deleted] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (2 children)

Cryptos are already taxed as property, short/long term capital gains depending on if you hold it a year or not. The IRS has been wanting their crypto taxes since 2016. This year is the first year the question if you own crypto will be on the irs form, and it's illegal to lie.

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

This year is the first year the question if you own crypto will be on the irs form, and it's illegal to lie.

Oh shit, that's heavy. I certainly hope there's more qualifiers than that in the final question. At any rate, there's always the possibility of holding crypto outside of your registered name and country and KYC laws.

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

You don't have to report if you just bought, only trades and sales. I think. This is brave new territory.