Patrick Hansen, Circle's EU strategy and policy lead, has expressed skepticism over the European Commission's forecast of generating up to $23 billion in crypto tax revenue from 2028 to 2034. Hansen argues that the proposed transaction-based tax could drive users towards decentralized finance (DeFi) protocols and self-custody wallets, undermining the expected revenue from centralized exchanges. The Commission's leaked paper suggests two tax models: a 0.1% levy on crypto transactions, potentially raising $3.5 billion to $4.7 billion annually, and a capital gains tax on crypto profits, estimated to generate $1.2 billion to $2.8 billion per year. However, Hansen highlights structural weaknesses, including reliance on incomplete data and the need for unanimous Council approval. He warns that users may shift to non-taxed channels, reducing the projected revenue. Cyprus, holding the Council presidency, is set to present a revised budget proposal by June 10, which will indicate the future of crypto taxation in the EU.