Where's the problem? Can someone explain? It's not like this bans owning Bitcoin.
It surprises me that the US needs to change laws to require this only now. I'd say the wording of the old laws were probably too specific, and after this change they probably still are. A public ruling by the tax agency should be enough to require this for new forms of value like digital currencies.
On the flip side, i am not sure if there is any reason for "any body else" to know my networth, if i am not generating a taxable event.
The Us does not have that kind of tax. There is no wealth/capital tax here. There is no tax authority with that information here.
And to be honest, I find it abhorrent that you’ve been conditioned to accept that kind of invasion of privacy and mandated trust as normal and expected.