New Section 4475 Remittance Tax in Big Beautiful Bill could create crypto boost

The new Section 4475 remittance tax, which imposes a levy on certain cross-border money transfers, could ironically serve as a catalyst for broader crypto adoption. This is because the statutory language appears to exclude transfers involving digital assets like cryptocurrency from its scope, as the rule targets more traditional remittance systems and financial institutions. As a result, individuals and businesses seeking to send funds abroad may increasingly turn to crypto as a tax-efficient alternative, using decentralized networks that bypass the intermediaries subject to the tax. If this exclusion holds, it positions crypto not only as a technological innovation but also as a practical workaround to avoid an additional layer of federal tax.