On May 28, 2021, the Treasury Department published its General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, or “Green Book”, which details the Biden Administration’s tax-related proposals, including those with respect to cryptocurrency. In it, it proposes new information-reporting requirements for tax years beginning after December 31, 2022. They will require domestic and foreign financial institutions, third-party payment settlors, and crypto exchanges and custodians to report taxable gross income inflows and outflows, including loans and investments, on existing IRS information returns, like Form 1099s and others. In addition, crypto transactions with a fair market value of $10,000 or more would be a mandatory reportable transaction to the IRS. The IRS also intends to expand its reach internationally and to passive entities. It seeks to receive information on U.S. taxpayers that — through passive entities — engage in crypto asset transactions outside the United States. The proposals would require an international broker to report gross proceeds with respect to sales of crypto assets with respect to its U.S. customers, and in the case of certain passive entities, their substantial foreign owners.