President Joe Biden has proposed an excise tax on cryptocurrency mining companies that is 30% of the cost of the power they use.
The administration of U.S. President Joe Biden has proposed an excise tax on cryptocurrency mining companies that is 30% of the cost of the power they use, as well as eliminating tax-deductible losses associated with crypto token wash-trading, according to a U.S.
Wash trading is the practice of selling a financial instrument for a loss in order to claim the deductible and then immediately buying it back.
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