Months before the elections in the US, it seems that the plans of President Joe Biden and his team to tax cryptocurrencies have not changed. In accordance with Biden’s policies on this issue, a revenue package proposal came from the US Treasury Department.

Every year, the crypto industry was also mentioned in this set of proposals called the “Green Book”, which brings tax proposals for the next year. In fact, the proposals were similar, even almost identical, to the proposals for 2024. As it will be remembered, Biden’s tax proposals, which he thought to be obtained from the crypto, were rejected and not enacted as a result of long discussions last year.

Proposed 30% tax…

The ministry wants any company that uses electricity for its operations, i.e. miners, to pay an additional 30% tax. If this proposal becomes law, mining companies will be obliged to report both the type and amount of electricity they purchase from outside.

Miners who purchase devices will also have to report the electricity consumption of these machines. In addition, miners using electricity from outside the grid will also have the obligation to pay 30% of their costs as a tax.

The Biden government first presented this proposal last year and received a great reaction from the crypto industry. Government officials expressed fossil fuel concerns about the issue and cited this as a reason for their tax obligations.

In May 2023, in a statement from the White House on the subject, “Although cryptocurrencies are digital, the large amounts of energy they spend are real,” it was said.

He also spoke about the issue of fake volume

One of the most important concerns of the White House and the Treasury Department was the issue of creating fake volume, known as “wash-trading”. In the US, serious measures have been taken in the stock markets in this regard, and the White House is demanding that similar measures be applied to crypto markets.

Wash-trading is the process of buying and selling on the same day, allowing the investor to pretend that he or she has incurred a loss and thus avoid many tax obligations.

“All digital assets, not just cryptocurrencies, should be subject to the rules for creating fake volume in the stock markets,” the ministry’s report said.