According to PANews, US Senator Elizabeth Warren submitted a letter to President Joe Biden, suggesting the adoption of the "Cryptocurrency Reporting and Wealth Tax Act" to address the challenges and wealth inequality caused by crypto assets. The proposal includes mandatory requirements for individuals, trusts, and entities holding more than $1,000 in cryptocurrencies to report to the IRS and impose a 1% wealth tax on cryptocurrency holdings exceeding $500,000.

Senator Warren believes the proposal strikes a balance between promoting innovation and ensuring a fair tax system, and urged support for the bill to address problems facing the financial system and the economy.