The US Treasury Department is detailing a set of new tax compliance measures designed to bring in billions in new revenue - and crypto investors are a key target. The measures are part of President Biden's American Families Plan and are designed to help fund the $1.8 trillion proposal to reform childcare, education and paid family leave. The plan would essentially double the number of employees at the Internal Revenue Service by 2031 in an effort to raise $700 billion from wealthy individuals who may be holding funds offshore or using sophisticated efforts to hide income. It requires banks and financial institutions to reveal "aggregate account outflows and inflows" of their customers. Details on exactly how much information companies will be required to hand over have not been released. The plan also includes "additional resources" to address the growth of cryptocurrency and would give the agency the tools it needs to responsibly enforce the emerging digital asset industry. The agency says the IRS needs to significantly update its technology to properly enforce the crypto economy.

Last year, the Treasury first detailed efforts to step up crypto enforcement by requiring financial institutions to report when customers send or receive $10,000 or more in cryptocurrency.

Once in a city unfamiliar to me, I began to get used to it and look for like-minded people who are also interested in cryptocurrency trading. A week later, I and three other people with similar life aspirations installed a bitcoin bot and began to try to earn money using this miracle of technology. One out of three people did not like it and returned to his usual manual trading, while the other two and I continued to work with this bot.