There are two apparent reasons for the govt. doing an about face on crypto, particularly Bitcoin.  Going to stablecoins and having a large source of US dollars bought to back them and most of it being held in the form of US treasury bills, helps support the sinking dollar, even if just temporarily.                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Second, is the revenue this can generate. Many Bitcoin hodlers bought at very low prices. Forgetting about those that bought at the beginning, or even as recently as 3 or 4 years ago, almost anyone who didn’t just buy in the last year or so(mostly MSTR and other copycat Bitcoin Treasury companies) has HUGE gains on their holdings. When it tops(it may have recently) and they pull the rug and the price collapses, just think of the panic to get out with much of those profits still intact, even if at a sizeable haircut from the highs.                                                                                                                                                                                                                                                                                                                                                                       Those in the US are going to be facing monstorous capital gains taxes even if they were long term holdings.  How do you prove when you bought if you held it in your possession and only moved it to an exchange to get out?  Will the IRS rule that the time it showed up on the exchange starts the clock on your holding period?  That would seem unfair and I don’t know enough about blockchain and private keys etc. as to whether a documented case can be made to prove a longer holding period?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 With sellers tripping over one another to get out before it ends up worthless,(you will see the various use cases melt away faster than an ice cube in the hot summer sun) the govt is looking at some serious incoming revenue in the tax filing year after the meltdown takes place.