Let's be blunt: Congress just handed a massive gift to the wealthiest among us, and you're going to be footing the bill. They repealed a rule that mandated cryptocurrency exchanges report transactions to the IRS. In doing so, they laid the groundwork for giving the ultra-wealthy a $4 billion tax loophole.

$4 Billion For Whom, Exactly?

Think about that number: $4 billion. That's more than some countries' entire GDP. What could we do with $4 billion? We could:

  • Forgive a substantial amount of student loan debt, easing the burden on millions of young Americans struggling to start their lives.
  • Fund critical climate research and renewable energy projects, fighting the climate crisis that disproportionately impacts Gen Z and future generations.
  • Build thousands of units of affordable housing, addressing the growing housing crisis that's making it impossible for many to live and work in their communities.

Instead, that money is going right into the hands of people who don’t need it. They don’t deserve it, but they’re all cashing in. That doesn’t mean it will trickle down to all of us. Instead, it will get hoarded, funneled into tax havens, and used to further entrench the elite’s stranglehold on power.

Echoes of 2008: Are We Repeating History?

Think back to the run-up to the 2008 financial crash. Wall Street’s story was that regulations were killing innovation. They doubled down, saying they knew better and telling us to have faith that they would make the best decisions. How did that work out?

Today the choir from the crypto industry is singing the same tune. They argue that this regulation is “impractical” and will “stifle innovation.” Let's be real, it's about one thing: avoiding taxes. They do this by not reporting as many customer transactions to the IRS. It’s because they know that the alternative—cutting wasteful spending—would mean making their wealthy corporate clients pay their fair share.

This isn't about innovation. It's about evasion. The rich have their own rules. Though the 1% would love to pretend otherwise, money buys access. This sets them up to win, and the rest of us to lose. This scenario is eerily similar to the dangerous deregulation that led to the meltdown of our housing market. In the process, it nearly sunk the global economy.

Hypocrisy On Full Display

Congress says it cares about the national debt. Especially when they preach about fiscal responsibility. At the same time, they’re giving away the store in tax breaks to the crypto industry, which is directly blowing up the deficit. The hypocrisy is staggering.

Senator Cruz’s $4.5 billion revenue loss estimate “silly.” Silly? Go say that to the teachers who can’t afford to buy basic classroom supplies. Tell that to the families facing eviction. Tell that to all those graduates who are drowning in crushing student loan debt.

This isn’t only about dollars and cents, it’s about priorities. Funding reflects values. Are we serious about having a progressive tax code in which high-income people pay more than low-income people? Or do we just give in to a system where the rich can dictate their own rules.

Unexpected Connections: The Crypto Giveaway and College Tuition

Consider this: the average cost of tuition and fees at a public four-year university is around $10,000 per year. That $4 billion tax break would have provided a full scholarship for 400,000 students for a year. Now, just imagine the butterfly effect that would have on the economy, on innovation, on the future of our country.

Instead, that money is going to line the pockets of people who likely didn't need it in the first place. It's a slap in the face to every student struggling to afford college, to every family making sacrifices to give their kids a better future.

Time To Fight Back: Your Voice Matters

This isn't a done deal. We can fight back. We can and must demand that Congress undo this decision and make the rich pay their fair share. Here’s what you can do right now:

  • Contact your representatives. Tell them you oppose this tax break and demand that they prioritize the needs of ordinary Americans over the interests of the wealthy elite. Find their contact information on your congress person's website.
  • Sign petitions. There are already petitions circulating demanding tax fairness. Find them, sign them, and share them with your friends and family.
  • Spread the word. Share this article on social media. Talk to your friends and family about this issue. The more people who are aware of this injustice, the more likely we are to be able to change it.
  • Support organizations fighting for tax justice. There are many organizations working to create a fairer tax system. Find them, support them, and get involved.

This is our generation's fight. We can’t allow the rich to continue to stack the deck against everyone else. We ought to be shouting from the rooftops for a progressive tax code, a code that invests in our children’s future and makes the rich pay their fair share. Let's make our voices heard. Let’s make sure that Congress hears in no uncertain terms that we won’t accept this separate giveaway to the ultra-rich.