The White House released a new document on the US budget government. There are offers for changes concerning crypto regulations.
Related: The head of the Bank of Japan criticized bitcoin
The budget was issued on May 28. It is the first one introduced by Joe Biden's presidency.Two crypto points included in the paper define to provide more information to the IRS or other Government Departments. Particularly, financial services providers will report broker information about cryptocurrencies.
In the case of approval, brokers, among them, crypto trading platforms and wallet operators must report details on passive businesses and foreign owners. Repots must include gross profits and "such other information" that the Secretary may require, the paper states.
The plan would be effective for returns required to be made after December 31, 2022. Earlier, the US National Treasury issued a report according to which cryptocurrency transfers worth $10.000 and more must be reported to the IRS. The changes are meant to exclude tax evasions.
Currently, the entire crypto market cap stands at around $1.59 trillion. After the announcement Bitcoin's price saw a decline. The coin now trades at about $36.200.