Biden’s Administration Unveils Proposed Crypto-Tax Measures


As part of President Joe Biden’s new tax enforcement measure, the US Department of Treasury has introduced legislation to combat tax evasion involving cryptocurrencies. Treasury Proposes Measures To Prevent Crypto-Tax Evasion The U.S. Department of the Treasury released a study on Thusday entitled “The American Families Plan Tax Enforcement Agenda.” The report details President Joe Biden’s proposed tax compliance initiatives. The announcement Thursday came as part of a broader proposal to improve tax compliance and stop tax evasion. Among the measures is “Increased information reporting.” The study states that “The President’s policy includes information reporting on financial statements to improve the visibility of gross revenues and expenditures to the IRS,” adding that “The reporting regime will also include international financial institutions and crypto asset exchanges and custodians.” The report notes that “Another significant concern is virtual currencies, which have grown to $2 trillion in market capitalization.” It noted: “Cryptocurrency already…

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