Your right. What these folks don't understand is all the gains in crypto were made under Obama. Once Trump passed his crypto law nobody wants to get involved.

Americans are taxed on every trade. See irc sec 1031, notice 2014-21, pub 550. Failure to do so risks the irs being able to make your life very difficult, including: 20% accuracy related penalty, 20% substantial understatement penalty, 5% per month penalty for failure to file, 0.5% per month failure to pay. And if the failure to file is deemed fraudulent those penalties start at 75%