We describe the taxation landscape in the cryptocurrency markets, especially concerning U.S. taxpayers, and examine how recent increases in tax scrutiny have led to changes in crypto investors' trading behavior. We argue conceptually and then empirically document that increased tax scrutiny leads crypto investors to utilize conventional tax planning with tax-loss harvesting as an alternative to non-compliance. In particular, domestic traders increase tax-loss harvesting following the increase in tax scrutiny, and U.S. exchanges exhibit a significantly greater amount of wash trading. Additional findings suggest that broad-based and targeted changes in tax scrutiny can differentially affect crypto traders’ preference for U.S.-based exchanges. We also discuss other gray areas for tax regulation related to new crypto assets, such as Non-Fungible Tokens and Decentralized Finance protocols, that further highlight the importance of coordinating tax policy and other regulations.

我们描述了加密货币市场的税收格局，特别是与美国纳税人有关的税收格局，并研究了最近税收审查的加强如何导致加密货币投资者交易行为的变化。我们从概念上论证，然后从经验上证明，加强税收审查导致加密货币投资者利用传统的税收规划和税收损失收获作为不合规的替代方案。特别是，随着税收审查的加强，国内交易者增加了税收损失收获，而美国交易所的洗售交易量明显增加。其他研究结果表明，税收审查的广泛和有针对性的变化可能会不同程度地影响加密货币交易者对美国交易所的偏好。我们还讨论了与新加密资产相关的税收监管的其他灰色地带，例如不可替代代币和去中心化金融协议，这进一步凸显了协调税收政策和其他监管的重要性。