Director of Tax Policy Studies, Cato Institute; Former Deputy Staff Director at the US Congress Joint Economic Committee
As cryptocurrencies grow in popularity, they have become increasingly easy to use for everyday transactions. However, the US tax code has not kept pace. Because cryptocurrency is classified as personal property—not currency—even the smallest transaction can trigger a capital gains tax event. This creates a complex and often impractical compliance burden for users, discouraging the use of cryptocurrency as a form of payment. In some cases, using cryptocurrency regularly can result in dozens of pages of tax filings over the course of a year. This unnecessary burden hits both the Internal Revenue Service and taxpayers.
With several bills circulating in Congress to address this issue, there is a clear opportunity for reform. Join Cato Institute scholars Nicholas Anthony and Adam Michel as they discuss practical reforms to simplify the tax code, reduce compliance burdens, and expand Americans’ ability to choose how they transact.
