US Treasury Department Wants To Tighten Reporting Requirements For Crypto Exchanges

The Biden administration wants to tighten the reporting requirements of cryptocurrency exchanges in the upcoming budget plan of $3.5 trln. This is reported by Roll Call, citing a source from the White House. The US presidential administration wants to include more reporting requirements for non-US clients of cryptocurrency exchanges in the upcoming budget plan.

Detailed reporting will help the US Treasury capitalize on customer data. The ministry wants to trade information on the international stage and exchange it for information about Americans who trade on exchanges outside the jurisdiction of the country.

Jerry BRITO, executive director of the non-profit organization Coin Center, noted that regulators make amendments to the budget plan "at the last minute" and do not consult the public on them at all. The head of the Kraken crypto exchange Jesse POWELL was puzzled by how legitimate the proposed amendments were in general.

Image: The Cryptonomist