It's time for U.S. crypto exchanges to face the same rules as non-crypto marketplaces and brokers, says our columnist.
FTX has become insolvent and all funds on the exchange are frozen. The FTX situation is no fun for anyone, especially if you had funds on the exchange. FTX filed bankruptcy, which means customers with assets on FTX could still get a portion of their funds back – or they could get nothing at all (as we saw with the long drawn-out cases of Mt. Gox and Cryptopia).
There is a tax war between the government and the people, and there always has been. The government badly wants taxes, and people badly don’t want to pay them, so each side battles fiercely for their goal, constantly inventing new weapons in an age-old arms race that continues today. Collecting taxes is of existential importance to the government because it finances their whole operation.