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It was due to the change in IRS guidance on how to account for increases in value in cryptocurrency -- in short, treating it closer to a forex exchange (where t
by freeone3000 2y ago
It was due to the change in IRS guidance on how to account for increases in value in cryptocurrency -- in short, treating it closer to a forex exchange (where the value is continually accounted) instead of a securities transaction (where the value is accrued when sold). The value then had to be retroactively accounted for.