Biden White House anticipates $10 billion in revenue over next decade from crypto tax rules updates

The Biden administration has released its budget for 2023. Totaling $5.8 trillion with a $1.15 trillion deficit, it features some clues as to the administration's long-term plans for crypto. 

Specifically, the White House is proposing that modernizing rules for digital assets — primarily through expanding tax reporting requirements — will bring in over $10 billion in new revenue over the next 10 years. 

Source: White House


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Elsewhere, the budget noted an additional $52 billion in funding for the Department of Justice to hire more agents and analytical capabilities as part of "the Administration’s counter-ransomware strategy that emphasizes disruptive activity and combatting the misuse of cryptocurrency."

Alongside the White House's budget, the Treasury released its strategic plan for the next four years. The plan emphasized the role of the Financial Stability Oversight Council in addressing "New and growing threats to financial stability addressed, with a focus on risks from climate change and digital assets," in keeping with the Treasury's work to expand FSOC's role in crypto

Earlier in March, President Biden put out an executive order on digital assets. Despite some concern in advance within the crypto industry, the order primarily commissioned studies by a range of federal agencies rather than calling for a broad crackdown. 

About Author

Kollen Post is a senior reporter at The Block, covering all things policy and geopolitics from Washington, DC. That includes legislation and regulation, securities law and money laundering, cyber warfare, corruption, CBDCs, and blockchain’s role in the developing world. He speaks Russian and Arabic. You can send him leads at [email protected].