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 released by the White House on Monday, modifying 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 …

The Electronic Currency and Secure Hardware Act (ECASH Act), introduced today in the United States House of Representatives, could herald a new direction in government-sponsored digital currencies. The legislation calls for the U.S. Secretary of the Treasury to develop and pilot an electronic version of the U.S. dollar that is easy to use for the economically marginalized or technically challenged. It would also “maximize” consumer protection and data privacy, according to its principal sponsor Representative Stephen Lynch, chair of the Fintech Task Force in the House Financial Services Committee. Interestingly, e-cash, as it’s called, would be issued by the U.S. …

Per the request of the United States Congress, the U.S. Government Accountability Office (GAO), laid out four policy options to help policymakers implement blockchain technologies while enhancing benefits and mitigating challenges. The technology assessment shared by the GAO acknowledged the potential of blockchain technology in improving a variety of financial and non-financial applications despite raising concerns about introducing new challenges while trying to resolve issues related to traditional systems: “A blockchain might both increase the speed of a title registry system and lower the cost of title insurance by making title registration simpler and more trustworthy.” However, some of the …

Innovative cities across America are racing to become the next hot spot for cryptocurrency and blockchain adoption. Miami was the first city to adopt its own part of CityCoins last year, allowing it to implement its own cryptocurrency called “MiamiCoin” to be used for civic engagement. New York City has also made a name for itself as a crypto-friendly city by implementing educational initiatives and with Mayor Eric Adams receiving his paycheck in Bitcoin (BTC) in January this year. Austin takes a strong stance Most recently, Austin — the state capital of Texas that goes by the slogan “Keep Austin …

The Office of Science and Technology Policy (OSTP), an Executive Office of the President of the United States, commenced a study to identify the scope for offsetting energy use and climate changes related to digital assets. On March 9, United States President Joe Biden signed an executive order, directing various federal agencies to examine implications of digital assets on six key areas — consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States’ global financial leadership and combating illicit financial activity. As a part of the initiative, the OSTP invited the general public and other stakeholders to …

United States-based energy producer Exxon Mobil has reportedly been running a pilot program aimed at using the energy from excess gas to power crypto mining rigs — and it may be expanding its operations to four other countries. In a Thursday report, Bloomberg said Exxon Mobil had inked a deal with Crusoe Energy to use excess gas from oil wells in North Dakota to run Bitcoin (BTC) miners. The project reportedly uses 18 million cubic feet of natural gas per month — roughly 0.4% of the oil giant’s reported operations in the state, producing 158 million cubic feet of natural …

Eric Balchunas and James Seyffart, exchange-traded fund analysts for Bloomberg, said that a proposed rule change with the United States Securities and Exchange Commission could be the catalyst for the regulatory body approving a spot Bitcoin ETF in mid-2023. In a Thursday tweet, Balchunas said crypto platforms could fall under the SEC’s regulatory framework if the commission were to approve an amendment to change the definition of “exchange” proposed in January. The rule change would amend the Exchange Act to include platforms “that make available for trading any type of security” — seemingly including cryptocurrencies, making their investment vehicles more …

El Salvador president Nayib Bukele reacted to the news that the recently proposed Accountability for Cryptocurrency in El Salvador Act (ACES) had passed the U.S. Senate Foreign Relations Committee and will now head to a full Senate vote. The 40-year old national leader responded emotionally on Twitter: Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here. pic.twitter.com/QgJPa70mn0 — Nayib Bukele (@nayibbukele) March 23, 2022 On Wednesday, March 23, the Senate Foreign Relations Committee approved the bill, sponsored by Senators James Risch, Bill Cassidy, and Bob Menendez. The …

The governor of Colorado, Jared Polis, announced in February that the state government plans to allow residents to pay taxes in cryptocurrencies as early as the summer of 2022. To some experts, the move is both legitimizing for the crypto asset class and was expected to come in due time. In an interview, Polis said crypto holders in Colorado could have the option of sending tax payments in digital currency, with the state converting the funds back into fiat as soon as the payments were received through an unnamed intermediary. Colorado is already a leader in Crypto with our first …

In an effort to embrace virtual money, the city of Portsmouth, New Hampshire, will allow residents to pay their bills in Bitcoin (BTC) and other cryptocurrencies. Deaglan McEachern, the city's mayor, proposed the idea to city officials, who feel it will provide residents with more payment choices. As per a local news report from Seacoastonline on March 23, Mayor McEachern said that "there are waves of new things that will affect us in terms of our future that use the type of technology used in cryptocurrency." He went on to say: "I want to make sure Portsmouth is not waiting …

Cowen, a major American independent investment bank, has officially launched a dedicated cryptocurrency and digital asset division. Called Cowen Digital, Cowen’s new business is designed to offer full-service trade execution and custody for cryptocurrencies like Bitcoin (BTC) and other digital assets for institutional investors, the firm announced on Wednesday. In order to launch the new crypto division, Cowen has collaborated with PolySign’s cold storage-focused subsidiary, Standard Custody and Trust Company. The bank is also a client of Digital Prime Technologies, a brokerage solution-focused firm providing business and compliance services, the announcement notes. Cowen initially announced plans to move into the …

Sheila Warren, CEO of the Crypto Council for Innovation and former head of data, blockchain and digital assets at the World Economic Forum, said the digital yuan may present certain challenges for the United States. However, regulators and lawmakers may want consider how to encourage digital innovation, as China is already "massively tech forward" for its residents. Speaking to Cointelegraph during Austin’s SXSW festival, Warren said that though she believed China’s digital yuan was unlikely to significantly affect retail payments in the United States, the adoption of the technology surrounding it could impact the dollar’s global dominance. The CCI CEO …