According to both the White House and the Treasury Department, the Washington adage “If it moves, tax it; if it keeps moving, regulate it” appears to apply to cryptocurrency, which has grown in popularity, reaching a market cap of $3 trillion, up from $14 billion five years ago.

In its federal budget proposal and a second executive order issued last month, the Biden administration targeted digital assets. Bitcoin and Ethereum are the most popular cryptocurrencies, but others are gaining popularity among investors.

The Biden administration’s proposed budget for fiscal year 2023 would strengthen IRS reporting requirements for digital assets and change tax regulations for cryptocurrency dealers and traders, generating a projected $11 billion in revenue between 2023 and 2032.

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