President Joe Biden Proposes Tax on Crypto Mining, Expected to Raise $10 Billion by 2025

U.S. President Joe Biden unveiled a budget proposal for fiscal year 2025 that included an excise tax on cryptocurrency mining and the inclusion of money laundering rules. These taxes are similar to those proposed last year, but were ultimately not adopted by Congress. Biden has once again proposed money laundering rules, a crypto mining tax, and other regulatory measures in his budget proposal for the upcoming fiscal year, which is expected to raise nearly $10 billion in 2025 and more than $42 billion over the next decade. President Biden's budget proposal includes applying money laundering rules to digital assets; requiring financial institutions and digital asset brokers to report information; rules for reporting foreign crypto accounts; including crypto in mark-to-market rules; and an excise tax on mining.