Recently, I saw news about new crypto tax regulations in the U.S.

Apparently, the government now requires digital exchanges to report all customer transactions to the IRS using a new 1099-DA form.
The initial idea was good—aligning crypto with traditional tax systems like stocks.
But in practice? It’s a total mess.

One major exchange listed on Nasdaq now has to report even stablecoin transactions that don’t change in value at all.
Then there are gas fees—that’s just network transaction fees costing 50 cents, one dollar—but they also have to be reported.
The Vice President of Tax at that exchange said, “Why bother with small transactions that don’t generate income?”
He has a point.
If someone trades $50, they have to fill out a complicated tax form.
That’s not the purpose of the tax system, right?

Another problem: this year, exchanges can only provide the total gross income to the IRS, not net value or cost basis.
So traders have to calculate it themselves.
Plus, crypto can be transferred between platforms, swapped for various coins—making the complexity even greater.
Their tax reporting director said, “When people sell regular stocks, brokers give transfer statements and the cost basis moves with it.”
“But the crypto world isn’t there yet,” he said.
So until this system improves, there will be a lot of confusion.

They believe the government should focus on transactions that actually generate income, not on places with no income—like stablecoins or network fees.
What do you think?
Are these regulations too strict or reasonable?