The U.S. Department of the Treasury recently released a document titled “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals.” In this document, the administration emphasized the lack of regulations regarding digital assets, specifically in relation to broker and cash transaction reporting. As a result, the administration is proposing the implementation of an excise tax on digital asset mining, drawing parallels to taxes imposed on goods such as fuel. The Treasury expressed its intentions in the following statement:
Biden reintroduces 30% tax on cryptocurrency mining in latest budget plan