Summary
TLDR: The US Department of Treasury is proposing new tax rules for digital assets, including an excise tax on electricity costs for miners and outlawing wash-trading. These proposals are part of President Biden’s budget, with a focus on environmental concerns and closing tax loopholes.
Key Points
1. The US Department of Treasury is proposing tax rules on digital assets, including outlawing wash-trading and imposing an excise tax on electricity costs for miners.
2. The proposals are part of President Joe Biden’s 2025 revenue proposals, known as the “Greenbook,” which outlines tax recommendations in his budget.
3. The Treasury also wants to apply wash-trading rules to all digital assets, not just crypto securities, to close a long-standing loophole.