How Crypto Works? 
Why Is Crypto Down? The Truth. 
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According to Robert Wearing, deputy associate chief counsel for the Internal Revenue Service, the holdings of cryptocurrency owners who have unpaid tax debts can be seized, Bloomberg reports.
At a virtual event held by the American Bar Association’s section of taxation, Wearing explained that digital assets are treated as property, which is why they can be confiscated like one’s real estate or car for satisfying delinquent tax debt:
Bottom line: The IRS will seize that property and will attempt to follow its usual procedures to sell it and use it to satisfy collection.
As reported by U.Today, the IRS recently scored another court victory, which allowed it to obtain access to Kraken’s user data.
The agency is also hiring a hacker who can develop a tool for cracking crypto wallets.
From The Daily Informer:
The IRS can try to seize your crypto but they will fail on multiple levels if you operate on a decentralized exchange or private cold storage. If you use a centralized exchange they have the ability to work with the CEX’s controllers to seize your crypto. This solidifies the case that DEX’s are the way!
Also, if you just pay your taxes you’ll never have to worry about any of this. So, pay your taxes.
P.S. – We agree, U.S. taxes are out of control and we reached a breaking point. We have taxes on top of taxes and it’s ridiculous. What can we do?
