Chris Davies - May 24, 2021, 11:41am CDT Cryptocurrency saw increased volatility this past weekend, with big tumbles for bitcoin and others as China threatens a heavy-handed approach to digital coins. The warnings came shortly after the US Treasury Department said it was pushing for new regulations that would force new IRS disclosures around crypto transactions. Both countries have cited concerns around virtual currencies being used for illegal or tax-avoiding purposes as prime motivators for their upcoming crackdowns. In the US, the Treasury argued that the new disclosure requirements proposed – which would involve any transaction of crypto with fair market value of $10,000 or more being reported to the IRS – was a natural updating of aging financial law.