Hey, I heard that the U.S. tax system has now become a huge hassle with the new Form 1099-DA for digital assets. Officials from a major exchange say that these rules are so complicated that millions of crypto users are being bothered for no reason.

What’s funny is that reporting is also required for things like small trading and gas fees for stablecoins, even though these transactions are only a few dollars or even less. That kind of pointless reporting only makes the system even more tangled. This year, the platform is only sending the total income (gross proceeds), not the cost basis, so users have to calculate their own profit and loss.

Starting next year, these platforms will also calculate the cost basis, making it easier to keep track of gains and losses. Let’s see what the IRS does about these complaints. 😅