The proposed budget of US President Joe Biden, which is set to be released on Thursday, will include a provision to prohibit tax loss harvesting on cryptocurrency transactions. A White House official confirmed that the budget will include a tax provision aimed at discouraging crypto investors from engaging in wash sales trading. Investors can currently sell any cryptocurrency at a loss, claim the loss on their taxes, and then repurchase the same amount and type of cryptocurrency. The provision is expected to raise $24 billion, according to the Wall Street Journal. The president’s budget proposal will outline his fiscal priorities. According to White House officials, the plan would reduce the US deficit by $3 trillion over the next ten years.