| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| LONG |
Laura Walter
Founder/CPA, CryptoTaxGirl |
"These ones [ETFs] are easier... you'll get instead a 1099-B... It should have your cost basis fully on it. It should have your proceeds fully on it. So, it's a lot easier to report." The 1099-DA for spot crypto is described as a "mess" where cost basis is often missing. In contrast, ETFs offer a seamless 1099-B experience (standard stock reporting). The administrative headache of spot crypto will drive capital into ETFs for pure exposure without the paperwork. LONG. Institutional and retail capital will prefer the tax simplicity of the ETF wrapper over spot ownership. ETFs are subject to Wash Sale rules (30-day wait), whereas spot crypto currently is not, which allows for tax-loss harvesting in spot but not ETFs. | — | |
| AVOID |
Laura Walter
Founder/CPA, CryptoTaxGirl |
"If you don't have the records and then you're audited... the default is to just treat it as a $0 basis... IRS sees that like you were using these privacy coins like Monero... there's just a higher burden of proof." The primary utility of privacy coins is obfuscation. However, using them now carries a maximum financial penalty (100% taxable gains due to $0 basis default) if audited. The risk/reward for holding these assets in a compliant portfolio has collapsed. AVOID. Regulatory friction effectively demonetizes these assets for US taxpayers. Non-US demand remains robust regardless of IRS rules. | — | |
| WATCH |
Laura Walter
Founder/CPA, CryptoTaxGirl |
"You're supposed to include your mining rewards as income on the day you receive them... You're just accumulating these rewards which technically could go to zero... but you have to include as income." Miners and Stakers owe tax based on the price *at the moment of receipt*. If the market crashes subsequently, they still owe tax on the higher value. This forces miners to be structural sellers of their inventory to cover tax liabilities immediately, rather than holding for appreciation, creating constant sell pressure. WATCH. Be wary of holding miners during high-volatility downtrends, as their tax liability remains fixed while their asset value drops (the "death spiral"). The "Parity Act" could pass, allowing tax deferral until sale, which would be massively bullish for this sector. | — | |
| AVOID |
Laura Walter
Founder/CPA, CryptoTaxGirl |
"In 2026, the... bill limits gambling losses to now 90% of winnings... You technically broke even. But on your return, you actually now... pay tax on $10,000 of phantom gambling income." Prediction markets are treated as gambling. The new 2026 tax law creates a mathematical disadvantage for high-volume traders. If you bet $100k and win $100k (break even), you can only deduct $90k of losses, leaving you with $10k of taxable income despite making $0 profit. This destroys the liquidity incentives for market makers and heavy users. AVOID. The tax code now penalizes volume on these platforms. Legislation could change or "Parity Act" could reclassify these assets. | 40:55 | |
| LONG |
Laura Walter
Founder/CPA, CryptoTaxGirl |
"The IRS is requiring that everybody move from what's called a universal method of accounting to a wallet-by-wallet method... If you transfer anything into your Coinbase, you're going to have to provide the cost basis upon transfer... discourage[s] transferring a little bit." The new "wallet-by-wallet" rule destroys the convenience of moving assets between DeFi, cold storage, and exchanges. To avoid a tax reporting nightmare (reconciling transfers manually), retail users will consolidate activity onto single platforms that handle the 1099-DA automatically. Coinbase and Robinhood benefit from higher retention and reduced churn to DeFi. LONG. Regulatory friction acts as a moat for compliant, centralized US exchanges. Users may leave crypto entirely due to complexity rather than consolidating. | 3:23 |