The domestic taxation on small investors trading US stocks has begun. Initially, some of my friends held onto the illusion that small investors wouldn't be taxed, but that has now been shattered. It is said that due to the completion of the major upgrade of the Golden Tax Phase IV system, data from various institutions has been interconnected, allowing for big data cross-comparisons. Once it is discovered that you have large foreign exchange inflows and outflows + overseas account balances, but your personal income tax declaration is zero, the system will automatically trigger a warning. Moreover, it is said that the technical capabilities of Golden Tax Phase IV far exceed expectations; currently, the limiting factor in enforcement is manpower, not the base numbers. Now, with increasing pressure on local finances in the country, overseas assets have become a new source of tax revenue, and it is an inevitable trend to expand from large investors to small ones. I feel that in the future, on-chain trading of US stocks will force more users domestically, leading to increased trading volume, which is a positive for the RWA sector. However, I suddenly thought, wouldn't cryptocurrency also be a new source of tax revenue? If one day the Golden Tax system connects with the CEX system, then the pain of being forced to pay taxes that those trading US stocks are experiencing will also be felt by talent in the crypto circle. How scary.