Biden's budget proposes changes to tax laws that would increase reporting requirements for certain taxpayers who own foreign cryptocurrency accounts and require financial institutions and digital asset brokers to report more information to the IRS.
President Joe Biden’s budget, released Monday, includes proposals that would “modernize” tax rules for digital assets, and the administration expects the reforms to be part of a new revenue-raising effort that will reduce the federal budget deficit by more than $1 trillion over the next ten years.
Read more: Crypto, law enforcement experts say there is ‘no evidence’ Russia’s Putin is using bitcoin to evade sanctions The Biden administration is also seeking to spend an additional $52 million on its efforts to combat cyber threats, chief among them ransomware. The money would go to hiring more FBI agents and “enhanced response capabilities and analysis capabilities,” according to the budget document.
Any changes to tax laws relating to cryptocurrency are likely to be controversial, given divisions in Congress over whether digital assets bring more benefits or risks to the U.S. economy and consumers.
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