Expect the IRS Auditors to be overwhelmed by the next few years of tax reform, let alone the introduction of crypto tax codes. They've been getting budgets and staff counts slashed for a while. Each time it happens, the conservatives cheer. However, with all the cuts they've made across the board, they will need to find new sources of revenue and it seems they want a slice of the cryptocurrency bull market and are making new rules about it. Good luck seeing them enforce, track, or understand the new rules. And if they go after a few whales, then expect a legal battle that will set a precedent for future cases.

At the end of the day, I do not support day trading or even frequent trading. I buy and hold. Same with Stocks. Same with all other assets I invest in. That being the case, the tax laws shouldn't impact me much. My advise to those who will be impacted, talk to a CPA, be honest on your taxes, and be much more calculated about trading if you're going to be active.