As you point out, this is going from the absurd to the scary. The thing is, how would the ever be able to enforce such bizarre legislation that stipulates that you have to keep track of all the various gains made by your cryptocurrencies. That's almost as absurd as having to record the exact amount of any fiat currency you had in your wallet for every day of the year.

And that news about the Michigander is unsettling. Apparently, the powers have few options in their fight against cryptos, so maybe they are resorting to fear, since it's the most effective tool that remains.

But remember, they too are scared. The tide of history is turning, and the pace of change is becoming more rapid. Just look at how fiat currencies have plummeted in value vis-a-vis cryptos over the past year. It's clearly very frightening to them.