Extended U.S. Taxation: White House Expects Additional $11 Billion 

The draft US budget includes an additional $11 billion through 2032 as a result of expanding tax reporting requirements for digital assets.

The document also suggests an increase in the budget of the US Department of Justice by $52 billion as part of a strategy to combat cryptocurrency ransomware.

The U.S. Treasury Department also unveiled its work plan for the next four years, outlining the increased role of the Financial Stability Oversight Board in addressing “threats associated with […] digital assets.”

On March 9, President Joe Biden signed an executive order coordinating federal agencies in regulating the regulation of digital assets, as well as coordinating federal agencies responsible for regulating digital assets. In addition, the document obliges regulators to consider the opportunities, benefits and risks of issuing CBDCs.

Previously, Joe Biden signed the U.S. Infrastructure Act, which introduces additional taxation on the crypto sector in the country, especially on crypto network validators and software developers. Miners, node operators, wallet developers, DeFi liquidity providers, and other non-custodial players must now report to the IRS on the activities of their users.

The US Department of the Treasury later noticed that it would not extend this requirement to ‘auxiliary parties who cannot access information necessary for the Internal Revenue Service’.

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