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As Bitcoin has no country or jurisdiction of origin, I fail to see how Bitcoin can be classified as foreign.

I also fail to see how the IRS has any regulatory power over a currency not defined by US tax law.

One easy way to disabuse yourself of this notion is to take a job working remote for a Canadian company.

The difference being they can't see you getting paid in bitcoins. They can see you getting paid through banks.

They have no regulatory power regarding Bitcoin because they have no way to enforce it.

The IRS is not regulating the foreign currency. It is regulating your conduct as an American taxpayer, pursuant to a Congressional grant of such authority.

> It is regulating your conduct as an American taxpayer

It can't regulate conduct it can't see.

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