US President Joe Biden presented the budget proposal for the 2023 fiscal year.
Biden and his administration are trying to modernize rules on digital assets, which he says will generate an additional $11 billion in revenue by 2032. Additionally, it plans to increase the Justice Department’s budget by $52 million to combat ransomware and prevent “cryptocurrency abuse.”
The digital asset rules that the management wants to update include changing the market valuation rules to include digital assets, requiring foreign digital asset accounts to be reported by certain taxpayers, reporting information by financial institutions and crypto brokers, securities loans. tax-exempt and include other asset classes.
The Biden administration estimates that modernizing the rules will generate approximately $11 billion in revenue between 2023 and 2032, and more than $4.8 billion in digital assets from the first year in which the market-by-market rules are implemented.
The proposal also plans to increase the Department of Justice budget by $52 million for “more agents, enhanced response capabilities, and enhanced intelligence gathering and analysis capabilities.”
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