How will Biden's budget affect cryptocurrencies?

U.S. President Joe Biden's proposed budget, set to be unveiled Thursday, will include a provision to close tax loss harvesting on crypto transactions. A White House official confirmed the budget will include a tax provision intended to reduce wash sales trading by crypto investors.

What will the 2023 budget mean for crypto investors?

While the current year 2023 is expected to be a cautious one for crypto investors, however, there are hopes that the Budget2024 could give a much-needed boost to thrive ahead. Relaxation in the tax regime and regulatory framework is something the crypto market is keenly expectant from this budget.

What does Florida’s budget say about crypto?

The budget includes three programs involving digital assets. One of the provisions allocates funds to the Department of Financial Services in Florida to encourage the use of crypto assets in the state.

How will the White House Budget affect cryptocurrencies?

A White House official confirmed that the budget will include a tax provision intended to reduce wash sales trading by crypto investors. At present, investors can sell any cryptocurrencies at a loss, claim the loss on their taxes and then buy the same amount and type of cryptocurrencies again.