I agree with your analysis. I would only like to point out that for each 1031 transaction, a taxpayer would fill out form 8824. If the IRS did take the position that cryptocurrency exchanges never qualified for like kind exchange treatment, they would only have to thumb through the returns to find all the taxpayers that they would need to reach out to.
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Good point! I am tempted to do it just so I can represent myself pro se in the tax court! (But I'll probably just recognize the gains as I like to take the conservative position when in doubt.)
Better safe than sorry.