Somehow, Biden singles out crypto for tax evasion/avoidance, evasion which costs the government $1 Trillion per year in total. Yet the entire market cap of crypto is barely over 1 Trillion. Make it make sense.

You may have heard by now that Biden has put crypto on blast, and calls for end to crypto tax loopholes. Some simple google search would quickly show how odd a statement this is to make. The IRS chief in 2021 put tax evasion/avoidance losses at 1 Trillion in the US, yet the entire market of crypto worldwide is barely over 1 Trillion. A few months ago, we were barely above $800B in market cap.

Now, from some basic googling and 3rd grade Math, please tell me if that statements makes sense. Further, please provide a nuanced opinion on drafting policy to reduce tax losses from crypto. Tax losses from crypto, which clearly account for an absolutely miniscule amount lose to tax evasion and yet you zero in and make crypto the issue. Meanwhile we know how much murder politicians on both sides let their donors get away with specifically due to taxes that should be owed, among other things.

https://www.wsj.com/articles/biden-budget-to-propose-saving-hundreds-of-billions-by-cutting-drug-prices-fraud-5fa0f927?mod=e2tw

https://markets.businessinsider.com/news/currencies/cryptocurrencies-bitcoin-taxes-biden-budget-proposal-loss-wash-rule-market-2023-3?op=1

https://www.reuters.com/article/us-usa-treasury-irs-idUSKBN2C0255