Later Wednesday evening, after Palmer's tweet thread came out, CNBC reported that the IRS.

Jackson right or wrong about the corruption of crypto? Maybe the insiders on Wall Street know -- but I don't. What I do know is that Palmer's broadside just gave powerful ammunition to the forces working to impose new regulations on cryptocurrency.

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Case in point: Later Wednesday evening, after Palmer's tweet thread came out, CNBC reported that the IRS is "determined to crack down on tax cheats" and determined to get "a piece of the action" by taking a bigger bite out of cryptocurrency investors' profits.