The IRS has proposed new reporting requirements for cryptocurrency users in response to the Infrastructure Investment and Jobs Act. Although the proposal is not as severe as initially feared, it still raises concerns about privacy and financial surveillance. The IRS’s approach focuses on whether businesses have the ability to collect customer information, rather than whether they actually do so. This raises questions about the government’s expanding financial reporting requirements and the need to protect individuals’ Fourth Amendment rights. A survey conducted by the Cato Institute revealed that a majority of Americans believe it is unreasonable for banks to share financial information with the government without a warrant. Ultimately, the responsibility to address these issues lies with Congress, as they are the ones who need to reform the system as a whole.

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