{"id":59326,"date":"2022-03-29T10:07:00","date_gmt":"2022-03-29T07:07:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=59326"},"modified":"2025-09-04T21:17:40","modified_gmt":"2025-09-04T18:17:40","slug":"white-house-forecasts-an-additional-11-billion-in-crypto-tax-revenues","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/white-house-forecasts-an-additional-11-billion-in-crypto-tax-revenues\/","title":{"rendered":"White House forecasts an additional $11 billion in crypto tax revenues"},"content":{"rendered":"<p>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 <a href=\\\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2022\/03\/budget_fy2023.pdf\\\">budget proposal<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"283\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/1-639-1024x283.png\\\" alt=\\\"White House forecasts additional $11 billion in crypto tax revenues\\\" class=\\\"wp-image-168735\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/1-639-1024x283.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-639-300x83.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-639-768x212.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-639.png 1202w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: White House.<\/figcaption><\/figure>\n<p>\\n\\n<\/p>\n<p>The document envisions boosting the Department of Justice&#8217;s budget by $52 billion as part of a strategy to combat ransomware extortionists who use cryptocurrencies.<\/p>\n<p>\\n\\n<\/p>\n<p><a href=\\\"https:\/\/home.treasury.gov\/system\/files\/266\/TreasuryStrategicPlan-FY2022-2026.pdf\\\">Work Plan<\/a> 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.<\/p>\n<p>\\n\\n<\/p>\n<p>On March 9, President Joe Biden <a href=\"https:\/\/u1f987.com\/en\/news\/biden-issues-executive-order-coordinating-federal-agencies-on-cryptocurrency-regulation\">signed<\/a> an executive order coordinating federal agencies in regulating cryptocurrencies. The document required regulators to consider the opportunities, benefits and risks of issuing <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>Earlier, Biden <a href=\"https:\/\/u1f987.com\/en\/news\/biden-signs-infrastructure-bill-without-cryptocurrency-amendments\">signed<\/a> 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.<\/p>\n<p>\\n\\n<\/p>\n<p>Later, the U.S. Treasury <a href=\"https:\/\/u1f987.com\/en\/news\/us-treasury-confirms-miners-and-stakers-exempt-from-irs-data-reporting\">said<\/a> it would not extend these requirements to \u201cauxiliary parties that cannot access information required by the Internal Revenue Service.\u201d<\/p>\n<p>\\n\\n<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog Feed<\/a> \u2014 full news feed, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US budget is set to receive an additional $11 billion through 2032 as a result of expanded reporting requirements for digital assets. These calculations are in the proposal.<\/p>\n","protected":false},"author":1,"featured_media":59327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,558,26],"class_list":["post-59326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-taxes","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=59326"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59326\/revisions"}],"predecessor-version":[{"id":59328,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59326\/revisions\/59328"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/59327"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=59326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=59326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=59326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}