I don't understand why they didn't just use the existing "de minimus" exemption that IRS already uses for Forex.

If you travel abroad, and you "make money" on your forex (ie. price changes so that you profit between when you buy / sell), you are allowed a $200 per transaction allowance.

That means that as long as the profit was less than $200, there is no reporting required....and that is per transaction. So theoretically you could gain $199 in profit every day and not need to report.

This to me seems better than whats being offered. It would also seem easier to implement as I'm not even sure a new law is needed....simply get IRS to declare coverage of existing forex rule to "crypto"