Community member Adriano Feria described the law as “stupid” and called the officials that created it “idiotic” on X.
Community members have expressed their frustration through social media posts and a song over new rules that require crypto users to report transactions worth more than $10,000 to the United States Internal Revenue Service (IRS).
The new crypto tax reporting obligations for U.S. citizens came into effect on Jan. 1. The rules oblige crypto brokers to send personal data to the IRS for transactions of over $10,000. This includes the sender’s name, address and social security number.
The law also set a deadline of 15 days to complete the report. However, requirements such as this may be challenging to meet due to the nature of on-chain transactions, according to Coin Center executive director Jerry Brito. He said many users “will find it difficult to comply,” as they could risk being found guilty of a felony.
