Increasing reporting requirements on cryptocurrency transactions is expected to raise nearly $28 billion over the course of 10 years, according to an estimate released by The Joint Committee on Taxation on Monday.
The group projected that, collectively, the provisions in the bill would boost revenue by $51 billion over the same time period.
About $8.2 billion in revenue would be raised by ending the Employer Retention Tax Credit on Sept. 30.
IRS Commissioner Charles Rettig requested broader authority from Congress in June to collect information on cryptocurrency transactions.
Rettig said that these transactions, by design, are often "off the radar screens," while noting that the most recent market cap in the crypto world exceeded $2 trillion and more than 8,600 exchanges worldwide.