Joe Biden Are you suggesting New Crypto Rules and Regulations, Such As A "Wash Sale Rule" And A Mining Tax

President Joe Biden

This week saw the release of President Joe Biden's budget blueprint for fiscal 2025, which impacts on virtually every facet of America's economy. The budget's most significant components generally deal with different taxes and regulations related to digital currencies.
The Biden administration presented ideas for a cryptocurrency mining excise tax as one of the new levies.
"Any firm using computing resources, whether owned by the firm or leased from others, to mine digital assets would be subject to an excise tax equal to 30% of the costs of electricity used in digital asset mining." 

Don't Neglect:

This represents the amount you would have today if you had invested $100 in DOGE when Elon Musk first tweeted about it in 2019.


How much would $10 get you today? Approximately 22% of American adults own a share in Bitcoin.

 In the event that the excise tax is approved, miners would have to record their electricity usage and pay taxes on it. The gain on sale of assets tax that miners pay when they sell their tokens would be in addition to this tax. The tax would be implemented in three years, with a 10% tax in the first year, a 20% tax in the second year, and a 30% tax that would be completely realized in the third year.

"The increase in energy consumption attributable to the growth of digital asset mining has negative environmental effects and can have environmental justice implications as well as increase energy prices for those that share an electricity grid with digital asset miners," says the Treasury Department. "Digital asset mining also creates uncertainty and risks to local utilities and communities, as mining activity is highly variable and highly mobile."