Crypto tax rules will reduce US budget deficit by $11B over ten years — White House By Cointelegraph

The United States government’s budget for the 2023 fiscal year included roughly $11 billion in revenue over the next decade from modernizing rules around digital assets.

According to U.S. President Joe Biden’s FY2023 budget, which was released by the White House on Monday, modifying the tax rules on digital assets will reduce the deficit by $10.9 billion from 2023 to 2032. The White House said it will “modernize rules” to include certain taxpayers reporting holdings of digital assets in foreign accounts, amending mark-to-market rules to include digital assets and requiring financial institutions and crypto brokers to report additional information. In addition, it proposed “treating loans of securities as tax-free to include other asset classes and address income inclusion.”