IRS Makes Bitcoin Rules Simple for Wall Street, Impossible for Everyday UsersEric Blair It essentially means Wall Street has a new asset class to exploit at low capital gains rates, and retail businesses get the benefit of low transaction fees of the Bitcoin payment system without extra accounting; but everyday people who use it as a currency must report every single transaction for tax collection. According to Bloomberg: It will be comical to watch the IRS attempt to enforce this, but its still very ominous and can lead to arbitrary harm to peaceful bitcoin users, but not to Wall Street or other businesses. Does this really surprise anyone? Read the entire IRS guidance here. Recently byEric Blair: 