The US budget will include an additional $11 billion through 2032 as a result of expanded tax reporting requirements for digital assets. These calculations are set out in its budget proposal.
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The document envisions boosting the Department of Justice’s budget by $52 billion as part of a strategy to combat ransomware extortionists who use cryptocurrencies.
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Work Plan for the next four years was also presented by the Treasury Department. The document notes the growing role of the Financial Stability Oversight Council in addressing threats related to digital assets.
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On March 9, President Joe Biden signed an executive order coordinating federal agencies in regulating cryptocurrencies. The document required regulators to consider the opportunities, benefits and risks of issuing CBDC.
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Earlier, Biden signed the infrastructure spending law. From its wording, it may be inferred that miners, node operators, wallet developers, liquidity providers in DeFi protocols and other non-custodial actors will begin reporting to the Internal Revenue Service about the activity of their users.
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Later, the U.S. Treasury said it would not extend these requirements to “auxiliary parties that cannot access information required by the Internal Revenue Service.”
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