Currently, irs asks you if you have ownership on a foreign account, or finra or something asks you to declare money over 10k when you enter country. They also k

Currently, irs asks you if you have ownership on a foreign account, or finra or something asks you to declare money over 10k when you enter country. They also know your bank accounts by its centralized nature. Now, if they ask you your wallets, not declaring could be considered unlawful if this bill passes. Also technically, wince cryptocoins are commodities, or treated as such, you still need to declare them as a profit on tax forms. They didnt have a way to know so you could decide to not tell. You still can but the boundary gets blurry now - you can expect to be asked more about this during audits etc.