The U.S. Department of the Treasury recently released a document titled “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” in which they emphasized the lack of regulations surrounding digital assets, specifically in terms of reporting for brokers and cash transactions. As a result, the administration is proposing the implementation of an excise tax on digital asset mining, similar to the taxes imposed on goods such as fuel. The Treasury expressed their intentions by stating:
Biden proposes reintroducing a 30% tax on cryptocurrency mining in latest budget plan.
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