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Biden Budget Proposal Estimates Additional $11B in Revenues by 2032 by Updating Crypto Rules

Michael Bellusci - CoinDesk
2022-03-28 17:04
U.S. President Joe Biden released his 2023 budget proposal on Monday, and in it, his administration is seeking to modernize rules around digital assets that it says would generate an additional $11 billion in revenues by 2032, as well as expand the Department of Justice’s ability to counter cyber threats that involve ransomware and the use of cryptocurrencies.
  • Among the digital asset rules the administration is looking to update are amending the mark-to-market rules to include digital assets; requiring reporting by certain taxpayers of foreign digital asset accounts; providing for information reporting by financial institutions and crypto brokers; and treating loans of securities as tax-free to include other asset classes and “address income inclusion.”
  • The administration estimates that modernizing these rules will bring in almost $11 billion in revenue between 2023-2032, with more than $4.8 billion coming from the first year of applying mark-to-market rules to digital assets.
  • The proposal also seeks to expand the DOJ’s budget by $52 million for “more agents, enhanced response capabilities, and strengthened intelligence collection and analysis capabilities” and noted that “These investments are in line with the Administration’s counter-ransomware strategy that emphasizes disruptive activity and combating the misuse of cryptocurrency.”
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