September 29, 2022

The White House has predicted additional revenues of $ 11 billion from taxes on cryptocurrencies

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The US budget will receive an additional $11 billion between now and 2032 as a result of expanding tax reporting requirements for digital assets. Such calculations are given in his project.

The document suggests an increase in the budget of the US Department of Justice by $52 billion as part of a strategy to combat extortionists that use cryptocurrencies.

The US Treasury 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.”

Recall that on March 9, President Joe Biden signed a decree on the coordination of federal agencies in the regulation of cryptocurrencies. The document obligated regulators to consider the opportunities, benefits and risks of issuing CBDCs.

Earlier, Biden signed into law the financing of infrastructure spending. Its wording may imply that 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.

The US Department of the Treasury later said it would not extend this requirement to “subsidiary parties that cannot access information required by the Internal Revenue Service.”

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