The move to monitor all accounts over $600 can be found in the gov website link below. Starting for 2022 fiscal year and will apply to “crypto asset exchanges and custodians.”
Imagine trying to audit all accounts including your crypto?
TBH, it’s a bit of an over reach. People with under X amount of cash in their accounts isn’t a security issue in this country. Has nothing to do with your safety this move.
We already have to report our crypto holdings mandatory on exchanges like Coinbase. Now it has to be monitored ? You know….Just in case some new investors $1000 worth of Eth is being used to fund world wide terrorist organizations.
Really this is BS. There’s just been a constant attack on cryptocurrency which seems neverending, but you’ll never hear anything about a constant attack on banks that continue to facilitate a illegal transactions.