Hey, a major crypto exchange has complained a lot about the new IRS tax form 1099-DA. They say that even small things like stablecoin transactions and gas fees need to be reported, even though there's no profit or loss involved. Stablecoins stay roughly the same in price and gas fees are just a few dollars. Reporting all this makes the system even more complicated.

The biggest issue is that this year they are only sending gross proceeds, not the cost basis. That means users will have to calculate their actual profit or loss themselves. Imagine how confusing that will be for people. Starting next year, they will also provide the cost basis, but for now, that's the situation.

In my opinion, these rules have been made a bit too complicated. Is there really a need to report such small transactions? Do you also feel the same?