The Biden administration has released its revenue proposals for fiscal year 2024, which includes a number of tax proposals relating to digital assets. These include an excise tax on digital asset mining to discourage the use of electricity for mining, applying wash sale rules to digital assets, applying securities lending rules to digital assets, and application of mark-to-market rules to digital assets. There is bipartisan support for crypto legislation and these proposals may be included in a broader crypto bill. The proposals were part of the Build Back Better Act in 2021, but were not enacted.
