The White House Expects $11 Billion in Additional Revenue From Crypto Taxes
The US budget will receive an additional $11 billion between now and 2033 as a result of expanding tax reporting requirements for digital assets.
According to the document, there will be an increase in the budget of the US Department of Justice by $52 billion as part of a strategy to fight extortionists that use crypto.
The US Treasury has also presented the work plan for the next four years. The document points out the increased role of the Financial Stability Oversight Board in addressing “threats associated with digital assets.”
Last March 9, US President Joe Biden signed a decree on the coordination of federal agencies in the regulation of cryptos. The document obliges regulators to consider the opportunities, benefits and risks of issuing CBDCs.
Biden had earlier signed into law the financing of infrastructure spending, whose wording may imply that crypto miners, node operators, wallet developers, liquidity providers in DeFi protocols, and other non-custodial players will begin to report to the IRS on the activities of their users.
