đ° US Senator Elizabeth Warren proposed the "Cryptocurrency Reporting and Wealth Tax Act" to President Joe Biden against the challenges and wealth inequality brought by crypto assets. đź
This proposal would require individuals, fiduciaries, and institutions with over $1,000 in cryptocurrency to report to the IRS, and a 1% wealth tax would apply to cryptocurrency over $500,000. Warren thinks this proposal strikes a balance between encouraging innovation and ensuring the tax system is fair. đïž
