President Joe Biden has called for an end to tax loopholes that benefit wealthy crypto investors, citing that these loopholes have cost the government around $18 billion in revenue. Biden's proposed tax plan is part of his recently proposed fiscal year 2024 budget, which has not received support from Republican opposition in the US House.

The plan aims to target wash trading in the crypto industry, which could raise $24 billion in revenue. However, Biden's administration has been criticized for introducing harsh tax rules for the sector, including a punitive tax of up to 30% of mining firms' electricity costs in the US.