U.S. President Joe Biden‘s proposed budget for the next fiscal year outlines a series of regulatory measures. These aim to tap into the burgeoning digital asset market. Among the highlights are the administration’s implementation of wash trading rules, a crypto mining tax, and additional regulations. Officials estimate they could rake in close to $10 billion in revenue by 2025. Over the next decade, the figure could soar above $42 billion.
The budget, unveiled on Monday, sets its sights on closing crypto tax loopholes. These predominantly favor the wealthy and major corporations. The document mentions several initiatives. These include applying wash sale rules to digital assets and imposing information reporting requirements. It also involves setting foreign crypto account reporting rules. The plan integrates crypto into mark-to-market rules and introduces an excise tax on crypto mining.
Unpacking the Crypto Tax Strategy
The proposal’s breakdown reveals that including digital ass
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