TechFlow news — The Biden administration has released its 2023 budget proposal, totaling $5.8 trillion for the fiscal year with an anticipated deficit of $1.15 trillion. The budget includes clues regarding the U.S. government's long-term plans for cryptocurrency.
Specifically, the White House proposes updating digital asset regulations—primarily by expanding tax reporting requirements—which is expected to generate over $10 billion in additional revenue over the next decade.
Additionally, the budget allocates an extra $5.2 billion to the Department of Justice to hire more agents and acquire analytical services, as part of a “strategy focused on disruptive operations and combating ransomware attacks involving misuse of cryptocurrency.”
Beyond the White House budget, the Treasury Department also released a strategic plan covering the next four years. The plan highlights the Financial Stability Oversight Council’s (FSOC) role in addressing “emerging threats to financial stability, with a focus on climate change and risks related to digital assets,” aligning with the Treasury’s efforts to expand FSOC’s role in the crypto sector.
Earlier this March, President Biden issued an executive order on digital assets. The order primarily directs a series of federal agencies to conduct research, rather than calling for broad regulatory crackdowns.
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