It's completely reasonable to tax investment earnings. That said, these regulations are concerning to me as a developer interested in actually building on blockchain technology.
At least from what I understand, just doing what's rapidly becoming run of the mill Web3 development is becoming extremely fraught territory for US citizens who want to comply with accounting and tax rules. It's an even bigger deterrent for students with limited ability to hire an accountant.
It wouldn't have been good for the US to stifle the web 25 years ago and I don't think regulating blockchain tech worldwide will work any better than trying to restrict the export of PGP did. Talent will just leave.
At least from what I understand, just doing what's rapidly becoming run of the mill Web3 development is becoming extremely fraught territory for US citizens who want to comply with accounting and tax rules. It's an even bigger deterrent for students with limited ability to hire an accountant.
It wouldn't have been good for the US to stifle the web 25 years ago and I don't think regulating blockchain tech worldwide will work any better than trying to restrict the export of PGP did. Talent will just leave.