Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
US Treasury once again proposes new crypto tax rules to “modernize” code

US Treasury once again proposes new crypto tax rules to “modernize” code

Blockworks2024/03/12 05:34
By: Blockworks
BTC+0.62%
Treasury on Monday released its 2025 revenue proposals, known as the “Greenbook,” detailing many of the same plans it unveiled last year

In line with President Joe Biden’s plans, the US Department of Treasury is once again suggesting a plethora of tax rules relating to digital assets, including outlawing wash-trading and imposing an excise tax on electricity costs for miners.

The Treasury on Monday released its 2025 revenue proposals, known as the “Greenbook,” outlining the tax recommendations in Biden’s budget , also published Monday. 

The crypto-related proposals are largely a repeat from what the President asked for in 2023, which ultimately did not become law. 

Read more: Biden won’t tax crypto out of existence: Lummis

The Department wants to add an excise tax on “any firm using computing resources…to mine digital assets” of 30% of electricity costs used for mining . If the proposal is adopted, miners would be required to report the amount and type of electricity used and the cost, when purchased externally. 

Miners that lease equipment would also be responsible for reporting electricity values and firms that use off-grid power would have to pay 30% of estimated costs. 

The Biden Administration first proposed excise taxes on miners last year, citing environmental concerns. 

“While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs,” the White House said in a May 2023 statement. 

Read more: EIA to drop emergency bitcoin miner survey following court battle

Treasury officials also want to see wash-trading rules applied to crypto, nixing a long-standing loophole Democrats have been trying to close for some time. 

“A taxpayer may sell a digital asset that is not considered a stock or security for wash sale purposes at a loss on one day and repurchase the same digital asset the next day,” Monday’s Greenbook read. “The same loss recognition rules should apply to digital assets held as investments or for trading as would apply for stocks and securities.”

The Treasury suggests adding all “digital assets,” not just crypto securities, to the current wash trading rules. 

The Department defines “digital asset” as “any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary,” per the Greenbook.

Don’t miss the next big story – join our  free daily newsletter .

Tags
  • Joe Biden
  • Mining
  • taxes
  • Treasury
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

0GUSDT now launched for pre-market futures trading
Bitget Announcement2025/09/18 05:39
Bitget Onchain trading system upgrade completed
Bitget Announcement2025/09/17 03:33

Trending news

More
1
0GUSDT now launched for pre-market futures trading
2
New spot margin trading pairs — SKY/USDT, ALGO/USDT, MERL/USDT!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$117,176.5
-0.04%
Ethereum
Ethereum
ETH
$4,576.2
+0.65%
XRP
XRP
XRP
$3.07
+1.66%
Tether USDt
Tether USDt
USDT
$1
-0.02%
BNB
BNB
BNB
$994.29
+4.17%
Solana
Solana
SOL
$244.67
+3.60%
USDC
USDC
USDC
$0.9997
-0.02%
Dogecoin
Dogecoin
DOGE
$0.2794
+3.94%
TRON
TRON
TRX
$0.3438
+0.53%
Cardano
Cardano
ADA
$0.9055
+2.64%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter