March 24, 2023

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Whether it is the effect of the national inflation that digs into the budget more than ever due to various economic pressures or the fallout of recent court cases involving Celsius, Tether, and Kraken, we do not know, but the IRS decided to crack down on crypto users as hard as possible with its heavy hammer to ensure that investors that hold any crypto are addressed.

The US Government looks into the crypto world

It seems inevitable that many governments including the US will start adopting crypto sooner or later. However, any government needs a legal base to ensure that the implementation of the technology goes according to plans instead of being haphazardly put in place by people who may not be that educated about the tech in question.

While some countries are doing what they can to investigate the technology and implement it without breaking any currently existing infrastructures, the US Government is way less delicate with its approach. Their first step was to put pressure on stablecoins which are more than understandable. The government does not care about them as long as investors are protected. However, Tether is starting to look like a Ponzi scheme and further investigation of their platform is not the worst of ideas.

However, the case with Ethereum is a lot more concerning with the US government claiming that they have authority over ETH transactions because most of all validators are in the US. It is a terrible precedent that the crypto community is very much concerned with.

The IRS is finally making its move

With the SEC announcing that it believes that ETH is security and with many legislators looking into ways to extract budgetary profits from investors who deal with Bitcoin, it was just a matter of time until the IRS would also join the conversation and start summoning people who are trading cryptocurrencies.

The IRS is summoning them and wants to interview many holders. We will learn more details very soon when more people are interviewed and can tell more about what the IRS wants exactly.

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