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Your Crypto Week Recap: IRS Rules, Saylor vs. Schiff, and a Fed Rate Cut

MarketDash Editorial Team
12 hours ago
From new IRS reporting requirements to Peter Schiff's latest Bitcoin takedown, here's what happened in crypto this week that actually matters for your portfolio.

Crypto had one of those weeks where the news kept piling up. Between regulatory changes, market moves, and the usual Twitter drama, there's plenty to unpack. Let's run through what happened and why it matters.

The IRS Is Coming for Your Cost Basis

The IRS announced new rules that U.S. crypto investors need to know about. Starting in 2026, centralized exchanges will have to follow the same cost-basis reporting rules as traditional brokerages. That means exchanges must report both purchase and sale cost-basis details for every U.S. customer's digital asset transaction. If you've been doing your own tax calculations with spreadsheets and prayer, your life is about to get either easier or more complicated, depending on how accurate your records are.

No, You Don't Need to List Your Wallets

A viral social media claim suggested the IRS was demanding all taxpayers list their cryptocurrency wallets. Not true. The U.S. Internal Revenue Service is not mandating this, but the panic revealed something important: people are genuinely concerned about how federal agencies handle digital-asset privacy. The misinformation spread fast because the underlying anxiety is real.

Schiff Takes Another Shot at Saylor

Bitcoin critic Peter Schiff has taken aim at Michael Saylor's aggressive strategy to buy as much Bitcoin as possible and convert it into BTC-backed digital credit. Saylor's counterargument? "Bitcoin is digital capital," now effectively endorsed by the U.S. government and major financial regulators under President Trump. It's the latest round in a debate that's become a permanent fixture in crypto discourse.

Markets React to the Fed

Bitcoin briefly spiked to $94,000 after the Federal Reserve cut interest rates by 25 basis points. The move was expected, but markets still reacted with a quick jump across major cryptocurrencies including Ethereum, XRP, and Dogecoin, each gaining about 1%.

Stop Picking Sides Between Chains

Matt Hougan, Chief Investment Officer at Bitwise Asset Management, offered some contrarian advice: stop obsessing over whether Ethereum or Solana will win. Long-term investors should focus on the broader cryptocurrency market rather than choosing between individual chains. He remains skeptical of claims that any single network will dominate the future of blockchain adoption. Maybe the real winner is the diversified portfolio we made along the way.

Back to News

Your Crypto Week Recap: IRS Rules, Saylor vs. Schiff, and a Fed Rate Cut

MarketDash Editorial Team
12 hours ago
From new IRS reporting requirements to Peter Schiff's latest Bitcoin takedown, here's what happened in crypto this week that actually matters for your portfolio.

Crypto had one of those weeks where the news kept piling up. Between regulatory changes, market moves, and the usual Twitter drama, there's plenty to unpack. Let's run through what happened and why it matters.

The IRS Is Coming for Your Cost Basis

The IRS announced new rules that U.S. crypto investors need to know about. Starting in 2026, centralized exchanges will have to follow the same cost-basis reporting rules as traditional brokerages. That means exchanges must report both purchase and sale cost-basis details for every U.S. customer's digital asset transaction. If you've been doing your own tax calculations with spreadsheets and prayer, your life is about to get either easier or more complicated, depending on how accurate your records are.

No, You Don't Need to List Your Wallets

A viral social media claim suggested the IRS was demanding all taxpayers list their cryptocurrency wallets. Not true. The U.S. Internal Revenue Service is not mandating this, but the panic revealed something important: people are genuinely concerned about how federal agencies handle digital-asset privacy. The misinformation spread fast because the underlying anxiety is real.

Schiff Takes Another Shot at Saylor

Bitcoin critic Peter Schiff has taken aim at Michael Saylor's aggressive strategy to buy as much Bitcoin as possible and convert it into BTC-backed digital credit. Saylor's counterargument? "Bitcoin is digital capital," now effectively endorsed by the U.S. government and major financial regulators under President Trump. It's the latest round in a debate that's become a permanent fixture in crypto discourse.

Markets React to the Fed

Bitcoin briefly spiked to $94,000 after the Federal Reserve cut interest rates by 25 basis points. The move was expected, but markets still reacted with a quick jump across major cryptocurrencies including Ethereum, XRP, and Dogecoin, each gaining about 1%.

Stop Picking Sides Between Chains

Matt Hougan, Chief Investment Officer at Bitwise Asset Management, offered some contrarian advice: stop obsessing over whether Ethereum or Solana will win. Long-term investors should focus on the broader cryptocurrency market rather than choosing between individual chains. He remains skeptical of claims that any single network will dominate the future of blockchain adoption. Maybe the real winner is the diversified portfolio we made along the way.