BREAKING: Bitcoin Drops Below $40K as Biden Administration Goes After Crypto

BREAKING: Bitcoin Drops Below $40K as Biden Administration Goes After Crypto

The Biden administration wants to double the IRS staff to go after crypto while the Treasury says that all crypto transaction over $10,000 have to be reported to the IRS

The United States Department of the Treasury is calling for cryptocurrency transfers that exceed $10,000 to be reported to the Internal Revenue Service, Bloomberg reports

As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on

The new initiative is part of the Biden administration’s revamped tax enforcement plan.    

The Treasury warned about “significant” tax evasion risks linked to the new asset class in its proposal.

The Biden administration is also seeking to double the IRS staff with $80 billion in additional funding to specifically target cryptocurrencies, according to the Wall Street Journal

Bitcoin has dropped six percent on the news, dipping below the $40,000 level.

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