Excerpt From Congressional Record – 2021
REPORTING PENALTIES.—Section 6724(d)(1)(B) of such Code is amended by striking ‘‘or’’ at the end of clause (xxv), by striking ‘‘and’’ at the end of clause (xxvi), and by inserting after clause (xxvi) the following new clause: ‘‘(xxvii) section 6045A(d) (relating to returns for certain digital assets),’’. (3) TREATMENT AS CASH FOR PURPOSES OF SECTION 6050I.—Section 6050I(d) of such Code is amended by striking ‘‘and’’ at the end of paragraph (1), by striking the period at the end of paragraph (2) and inserting ‘‘, and’’, and by inserting after paragraph (2) the following new paragraph: ‘‘(3) any digital asset (as defined in section 6045(g)(3)(D)).’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023. (d) RULE OF CONSTRUCTION.—Nothing in this section or the amendments made by this section shall be construed to create any inference, for any period prior to the effective date of such amendments, with respect to— (1) whether any person is a broker under section 6045(c)(1) of the Internal Revenue Code of 1986, or (2) whether any digital asset is property which is a specified security under section 6045(g)(3)(B) of such Code.
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Reviewing: Crypto And Blockchain’s Surging Wave Of Data Laws (Part I Of IV)
See Lummis-Gillibrand Responsible Financial Innovation Act (Proposed Bill 2021-22)