IRS Crypto Reporting Rules Face Backlash Over Privacy Concerns, Questionable Tax Revenue

IRS proposal requires crypto businesses to collect and report customer data, despite many not having that info.

Original rationale was to gain $28B in taxes, but estimates now only $2B over 10 years.

Proposal forces reporting even if business doesn't collect customer data.

Expands existing framework of financial surveillance like Patriot Act.

Congress, not just IRS, responsible for fixing overreach and protecting privacy.