The Biden administration has released its budget for 2023. The crypto tax rules updates are expected to generate $10 billion in revenue over the next decade, totaling $5.8 trillion with a $1.15 trillion deficit. White House officials claim that reforms to digital asset laws will generate over $10 billion in new revenues over the next ten years, primarily through expanded tax reporting obligations. The Department of Justice will also receive $52 billion to hire more agents and develop analytical capabilities to counter ransomware and other types of malware.
The Biden administration has released its budget for 2023. The crypto tax rules updates expected to generate $10 billion in revenue over the next decade
The Biden administration has released its budget for 2023. It has some hints as to the administration’s long-term ambitions for crypto, totaling $5.8 trillion with a $1.15 trillion deficit. The White House claims that reforming laws for digital assets will generate $10 billion in new income over the next ten years, primarily through expanded tax reporting obligations.
Additionally, the Department of Justice will receive an additional $52 billion in funding to hire more agents and develop analytical capabilities as part of “the Administration’s counter-ransomware strategy that emphasizes disruptive activity and combating cryptocurrency misuse.”
Along with the White House budget, the Treasury Department announced its four-year strategic plan. In keeping with the Treasury’s efforts to expand the Financial Stability Oversight Council’s role in crypto, the plan emphasized the Financial Stability Oversight Council’s role in addressing “New and growing threats to financial stability addressed, with a focus on risks from climate change and digital assets.”
President Biden issued an executive order on digital assets in March. Although some industry members were concerned ahead of time, the directive mostly asked for investigations from a variety of federal agencies rather than ordering a sweeping crackdown.
“Outlining the first-ever, whole-of-government approach to tackling the risks and utilizing the potential benefits of digital assets and their underlying technologies,” according to the fact sheet.
Treasury Secretary Janet Yellen’s response to the new presidential order was accidentally posted on the Treasury’s website before it was taken down, but not before its web archive was saved. “This work will complement Treasury’s ongoing efforts,” Yellen added, reiterating the fact sheet’s emphasis on coordination and the agency’s existing interest in cryptocurrency.
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