Cryptocurrency detail on the $5.8 trillion budget Biden presented yesterday

Details on cryptocurrencies were also included in the 2023 financial budget proposal submitted by US President Joe Biden to Congress yesterday. It has been stated that the White House wants to modernize the existing laws on digital assets, this change will include a new tax declaration rule, and a new revenue item of 10 billion dollars will be created in the next 10 years thanks to this change.

Employment for ransomware

In addition to the change in tax rules, it was also seen that an extra fund of 52 billion dollars was allocated in the budget. With this fund allocated for the Ministry of Justice, it is aimed to recruit more agents within the ministry to fight against ransomware attacks. These people will be educated on emerging technologies and will especially work against the malicious use of cryptocurrencies.

Crypto step from the Ministry of the Treasury

In addition to the White House’s budget, the Treasury Department has also published its strategic plan for the next 4 years. According to this; The Financial Stability Oversight Council (FSOC) has identified two factors that could destabilize financial stability in the coming years. These were climate change and digital assets. The Treasury Department will also increase the FSOC’s mandate over these issues.

The most controversial issues in Biden’s budget proposal, which issued a presidential decree on cryptocurrencies in March, are shown as increasing taxes on dollar billionaires, the record level of resources requested for the American military, and hiring more police officers.