If the answer is yes and taxpayer either lies or leaves blank the irs will argue that the return is incomplete and that the 3 year statute of limitations will not run. Further, a yes answer for 2019 means likely audits for prior year returns. This opens a real can of worms.
Yep. If this change goes through, you may want to short the cryptos. Their biggest selling point is anonymity, but the government can always find out if you own any through the threat and use of force.
I’m sure that if the government discovers that you lied answering that question it can make your life miserable, just like they can if you have an undisclosed offshore bank account.
I always thought that the crypto claim of anonymity was bogus precisely because of this leverage government has over you.