This is justified by the claim that it will generate US# 28 billion in new tax revenue over the next ten years but, as the article notes,
However, it’s not even clear that that money exists in the first place. Unlike miners on the blockchain, the Committee has yet to show their work. They published a table that outlines the expected revenue over the next ten years, but there is no justification for the numbers. There’s no indication of what might happen to the tax revenue if the cryptocurrency industry leaves the United States, there’s no range of possible outcomes under varying circumstances, and there is no note explaining whether or not this number is built off the assumption that the industry as whole is able to comply. The number is simply by decree, or fiat.
Yet, that was enough for Congress to include the section and the White House to celebrate it as the leading step in “strengthening tax enforcement” to offset the infrastructure bill.