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Opinion
Alexis Goldstein

Crypto Doesn’t Have to Enable Tax Cheats

There’s no technological barrier to complying with tax laws.

If you can organize this, you can generate a 1099 form.

If you can organize this, you can generate a 1099 form.

Photographer: Gabby Jones/Bloomberg

Cryptocurrency advocates are waging a battle against legislation — part of the infrastructure package now in Congress — aimed at curbing tax evasion in the rapidly growing market. Crypto enthusiasts such as Twitter CEO Jack Dorsey, employing a combination of jargon and threats to move overseas, are seeking to create the impression that this innovative technology is somehow ill-suited to meeting the tax-reporting requirements that apply to traditional banks and brokerages.

Don’t believe it. The lack of tax information from major cryptocurrency platforms isn’t related to any technological limitation. It’s a design decision.