Can crypto gain broad adoption as a currency in the U.S. as long as purchasing with it is a taxable event to the IRS?

We're expected to report every transaction on our taxes that involves spending, swaps between cryptos or to fiat. The IRS considers it property. Any of these transactions will create a taxable gain or loss (aside from possibly stablecoins). Is this situation likely to change any time soon? Are people going to want to get involved with deFi or contribute to blockchain development that might involve active transactions if this doesn't change? I'm a developer and a trader so I'm especially hesitant to jump into new projects due to the accounting and tax liability. I'd love to hear something encouraging about the state of affairs moving forward... submitted by /u/slickrockmedia [link] [comments]

Apr 28, 2025 - 01:20

We're expected to report every transaction on our taxes that involves spending, swaps between cryptos or to fiat. The IRS considers it property. Any of these transactions will create a taxable gain or loss (aside from possibly stablecoins). Is this situation likely to change any time soon? Are people going to want to get involved with deFi or contribute to blockchain development that might involve active transactions if this doesn't change? I'm a developer and a trader so I'm especially hesitant to jump into new projects due to the accounting and tax liability. I'd love to hear something encouraging about the state of affairs moving forward...

submitted by /u/slickrockmedia
[link] [comments]