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.

How does the IRS treat crypto?

The IRS treats crypto as property, not as a security, which is how the asset class escapes these rules. President Biden already passed a crypto-related tax provision that was tucked in his 2021 infrastructure act, causing an uproar from the industry.

Will Biden eliminate the carried-interest tax break?

Read More: Manchin’s Problems With Biden Grow Ahead of 2024 Decision Biden is proposing eliminating the carried-interest tax break, which allows private equity managers and venture capitalists to pay lower rates on their earnings from the investments they make.