Comments by "dlukton" (@dlukton) on "Crypto Investors Need Second Citizenship Now, Not Later" video.

  1. The nightmare scenario (for crypto investors in the US) would be that the government does the following: (a) puts in place a "FATCA-type" law for crypto... meaning that all crypto holders would have to declare their crypto assets every year or face severe penalties, and (b) the government would use "mark to market" accounting when assessing one's tax obligation... meaning that crypto holders would have to pay taxes on unrealized gains every single year.
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  2. US citizens have to report the bank account if they have more than $10,000 in the account at any point in time.
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  3.  @ReplicantTrades  If you swap out your crypto for a stablecoin, you are obligated to pay tax to the IRS at that point. That said, if the IRS never receives a 1099 (tax form) for the transaction, you could "take your chances" if you want to go that way. OTOH, if you have put a significant amount of money into crypto, FinCen will probably know that you've done that.... even if they don't know how large your capital gain is.
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  4.  @ReplicantTrades  Yeah, 6% is way too high.
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  5.  @b__w_4565  No; from the government perspective, cryptocurrencies... and stocks... are very, very different. In one case (stocks), all holdings are totally and completely transparent to the IRS; in the other case... not so much.
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