How will Biden's budget affect cryptocurrencies?

U.S. President Joe Biden's proposed budget, set to be unveiled Thursday, will include a provision to close tax loss harvesting on crypto transactions. A White House official confirmed the budget will include a tax provision intended to reduce wash sales trading by crypto investors.

What will Biden's proposed budget include?

US President Joe Biden's proposed budget, set to be unveiled Thursday, will include a provision to close tax loss harvesting on crypto transactions. A White House official confirmed that the budget will include a tax provision intended to reduce wash sales trading by crypto investors.

Is the Biden administration going to crack down on crypto tax evasion?

The Biden Administration is looking to crack down on tax evasion, and pointing to cryptocurrency as a big area of concern. The U.S. Treasury last week announced proposed changes to cryptocurrency reporting as part of President Joe Biden’s proposed American Families Plan.

What will the 2023 budget mean for crypto investors?

While the current year 2023 is expected to be a cautious one for crypto investors, however, there are hopes that the Budget2024 could give a much-needed boost to thrive ahead. Relaxation in the tax regime and regulatory framework is something the crypto market is keenly expectant from this budget.