US Senator Proposes Cryptocurrency Reporting and Wealth Tax Bill

According to PANews, US Senator Elizabeth Warren has submitted a letter to President Joe Biden, suggesting a 'Cryptocurrency Reporting and Wealth Tax Bill' to address challenges and wealth inequality issues caused by crypto assets. The proposal includes a mandatory requirement for individuals, trusts, and entities holding more than $1,000 in cryptocurrency to report to the IRS. Additionally, a 1% wealth tax would be levied on cryptocurrency holdings exceeding $500,000. Senator Warren believes that the proposal strikes a balance between promoting innovation and ensuring tax fairness. She urges support for the bill to address the problems faced by the financial system and the economy. The proposed legislation could potentially reshape the landscape of cryptocurrency regulation and taxation in the United States, reflecting the government's increasing focus on the digital asset sector.