SEC chair: "Crypto could become the most powerful financial surveillance architecture ever invented"he is correct. it is concerning how many of us are OK with this.you have 1,000 days while trump is president to change this.encrypt the moneyhttps://t.co/2a8rdv223J ...

Core Viewpoint - A viral claim regarding the IRS requiring taxpayers to disclose their cryptocurrency wallets is false, but it has raised concerns about digital-asset privacy and federal oversight [1][6]. Group 1: Misleading Information - A viral post misrepresented an IRS document, suggesting that taxpayers must list their cryptocurrency holdings and public keys, leading to widespread panic [2][4]. - The document in question is actually Form 9297, which is used in specific cases involving delinquent filings or unpaid taxes, not a general requirement for all taxpayers [4][5]. Group 2: IRS Reporting Rules - New cost-basis reporting rules will be introduced by the IRS on January 1, 2026, but these do not require taxpayers to disclose wallet addresses or public keys [5]. - The changes will focus on broker reporting and taxable events rather than wallet inventories, clarifying that Form 9297 is only used in targeted enforcement cases [5]. Group 3: Public Trust and Privacy Concerns - The incident highlights ongoing confusion regarding digital-asset regulations and the impact of misinformation on public trust in financial surveillance [6][7]. - Cryptocurrency advocates emphasize that this situation reflects a growing scrutiny of federal oversight in digital assets, as fears about potential overreach increase with upcoming regulatory changes [7].