US Treasury Included $10,000 Threshold in Crypto in Biden IRS Enforcement Plan
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The US Treasury has included a proposal to track cryptocurrency transactions over $10,000 for reporting to the Internal Revenue Service (IRS) in Biden IRS enforcement plan, Bloomberg has learned, citing the watchdog's statement.

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The watchdog believes that the measure is necessary in order to "minimize the incentives and opportunity to shift income out of the new information reporting regime."

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

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Meanwhile, president Joe Biden's administration is requiring financial institutions to report on account flows for tax-payment compliance.

"Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion," the watchdog said.

As iHodl reported, the 45th president of the US, Donald Trump, asked Treasury Secretary Steven Mnuchin to "go after bitcoin" during a meeting on trade sanctions and tariffs against China back in May 2018. Former US national security advisor John Bolton revealed in his book "The Room Where It Happened" that Donald Trump tried to take his fight against bitcoin to the regulatory level.

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