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🎓 This is the expected budget of the United States in case of updating the cryptocurrency rules

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US President Joe Biden on Monday released his 2023 budget proposal, in which his administration seeks to update rules on digital assets that he says will generate an additional $11 billion in revenue by 2032, as well as expanding the Department of Justice’s ability to combat cyber threats. involving ransomware and use of cryptocurrencies.

Among the digital asset rules the administration seeks to update is amending the brand’s marketplace rules to include digital assets; require taxpayers to report foreign digital asset accounts; Provide information reports by financial institutions and cryptocurrency brokers; and treat securities lending as tax deductible to include other asset classes and “treat inclusion of income.”United States President Joe Biden

Management estimates that updating these rules will generate approximately $11 billion in revenue between 2023 and 2032, with more than $4.8 billion from the first year of applying the market rules to digital assets.

The proposal also seeks to expand the Justice Department’s budget by $52 million for “more clients, strengthen response capabilities, and improve intelligence collection and analysis capabilities,” noting that “these investments are in line with the anti- administration ransomware emphasizing “activity, sabotage and combating misuse of cryptocurrencies.”

Among the digital asset rules the administration is seeking to update is modifying the brand’s marketplace rules to include digital assets; require taxpayers to report foreign digital asset accounts; Provide information reports by financial institutions and cryptocurrency platforms; and treat securities lending as tax deductible to include other asset classes and “treat inclusion of income.”

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