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Biden Proposes Tax Changes on Cryptocurrency Transactions to Boost Revenue

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It is reported that the Wall Street Journal quoted the draft budget for the fiscal year 2024, and that the US President Joe Biden would propose to change the ta

Biden Proposes Tax Changes on Cryptocurrency Transactions to Boost Revenue

It is reported that the Wall Street Journal quoted the draft budget for the fiscal year 2024, and that the US President Joe Biden would propose to change the tax on cryptocurrency transactions. Biden predicted that this would increase the tax revenue of the industry by up to $24 billion. The White House spokesman confirmed that the proposed regulations should reduce false transactions. The plan involves loss-making cryptocurrency sales to lock in losses that are not taxable. Then the investor repurchases assets of similar amount again.

Biden: Changing the tax on cryptocurrency transactions will increase tax revenue by $24 billion

Analysis based on this information:


The United States President, Joe Biden, is reportedly proposing changes to the tax on cryptocurrency transactions with the aim of boosting the country’s tax revenue by up to $24 billion. This move is part of Biden’s draft budget for fiscal year 2024, which was quoted by the Wall Street Journal. While this proposal is yet to be finalized, it has already drawn mixed reactions from various quarters.

According to Biden’s plan, cryptocurrency investors will only be able to lock in losses from loss-making cryptocurrency sales that are not taxable, and then repurchase assets of a similar amount. The proposed regulations are expected to reduce false transactions, particularly among investors who use the tax code to their advantage.

The proposal has been welcomed by some cryptocurrency experts who believe that it will help curb tax evasion in the industry. However, others have expressed concerns that it could discourage investment in the sector and stifle innovation. They believe that the proposal goes against the decentralized nature of cryptocurrency, which is meant to operate outside the traditional financial system.

The move comes at a time when the US government is grappling with ways to regulate the cryptocurrency industry, which has grown considerably over the years. Currently, there is no federal regulation of cryptocurrencies, leaving states to regulate them in their own ways. The lack of regulation has created a loophole that some investors have used to evade taxes, posing a challenge for the government.

In conclusion, Biden’s proposal to change the tax on cryptocurrency transactions is a bold move that seeks to boost tax revenue and curb false transactions in the industry. While the proposal is yet to be finalized, it is already drawing mixed reactions from various quarters. Cryptocurrency investors will be watching closely to see how this proposal develops and what impact it will have on the industry.

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