Biden Administration Pushes Global Crypto Data Sharing Rules in $3.5 Trillion Budget Bill: Report

Biden Administration Pushes Global Crypto Data Sharing Rules in $3.5 Trillion Budget Bill: Report


The Biden administration is reportedly pushing to include global crypto data sharing rules in the $3.5 trillion budget package. The Treasury wants crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners.”

Treasury Wants to Impose More Crypto Rules

The U.S. Treasury is reportedly pushing to include more rules for tax compliance on cryptocurrency transactions in the upcoming $3.5 trillion budget plan.

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The Biden administration is hoping to add the requirements for crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners,” Roll Call reported Monday, citing an administration official who wasn’t authorized to speak for the record.

According to the Treasury’s Greenbook, “The global nature of the crypto market offers opportunities for U.S. taxpayers to conceal assets and taxable income by using offshore crypto exchanges and wallet providers. U.S. taxpayers also attempt to avoid U.S. tax reporting by

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