Biden Administration Cracking Down On Crypto Transactions

The Biden Administration now requiring that crypto transactions greater than $10 thousand be reported to IRS.

Video Transcript

- Well, be warned tonight. The Biden administration cracking down on cryptocurrencies like Bitcoin. A new rule from the Treasury Department will require crypto transactions that are worth $10,000 or more to be reported to the IRS. A similar rule, as you may know, already exists for cash transactions. The government says this new regulation intended to reduce illegal activity, including tax evasion.