US President Joe Biden has proposed budget changes that could generate around $5 billion in revenue next year and $11 billion over 10 years, by introducing new tax reporting rules for digital assets. By modernizing financial accounting and reporting practices for digital assets, the Biden administration estimates it can significantly boost its revenue. The changes, if implemented, could affect many in the crypto space who are not currently reporting their profits and losses to the Internal Revenue Service (IRS).
Source: Crypto Press Daily