Definition of digital assets: the view of the tax code –

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In June 2022, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (the “Bill”), one of the most comprehensive responses from Congress to date regarding digital assets and their important role in the US economy. The legislation offered a governance and definitional framework for digital assets in many areas of law, including taxation. While this bill is unlikely to pass given the limited time remaining for the 117th Congress, the bill’s support for positions endorsed by the cryptocurrency industry is welcome. And it is widely expected that aspects of this bipartisan bill will be incorporated into subsequent legislation and likely shape debate in future sessions of Congress.

In this white paperwe discuss some of the most important tax proposals in the bill.

Read it white paper.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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