Biden reintroduces 30% tax on cryptocurrency mining in latest budget proposition

In a document titled “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” released by the U.S. Department of the Treasury, it has been emphasized that the existing laws fail to adequately regulate digital assets, with the exception of broker and cash transaction reporting. To rectify this, the administration aims to introduce an excise tax, similar to taxes imposed on goods such as fuel, specifically targeting digital asset mining. The Treasury has expressed this intention in writing.