To amend the Internal Revenue Code of 1986 to clarify the definition of broker, and for other purposes.
Summary
What This Bill Does
The bill requires clarification of definition of broker Section 6045(c)(1)(D) of the Internal Revenue Code of 1986 is amended to read as follows: (D)any person who (for consideration) stands ready in the ordinary course of a, requires reporting of digital assets Section 6045(g)(3)(D) of the Internal Revenue Code of 1986 is amended to read as follows: (D)Digital assetThe term digital asset means any digital representation of value which is, and requires study and report on treatment of digital assets as cash under certain laws The Secretary, in consultation with the Financial Crimes Enforcement Network, and representatives of the digital asset industry. It relies on compliance mandates, definition changes, reporting requirements, and tax rate changes. The main policy areas are Financial Services, Finance, Housing, and Science & Space.
Who Benefits and How
Public beneficiaries or protected communities affected by the clause could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Financial services firms and customers affected by the bill would take on compliance duties, and Researchers and scientific institutions affected by the bill would take on compliance duties.
Key Provisions
- Requires clarification of definition of broker Section 6045(c)(1)(D) of the Internal Revenue Code of 1986 is amended to read as follows: (D)any person who (for consideration) stands ready in the ordinary course of a...
- Requires reporting of digital assets Section 6045(g)(3)(D) of the Internal Revenue Code of 1986 is amended to read as follows: (D)Digital assetThe term digital asset means any digital representation of value which is...
- Requires study and report on treatment of digital assets as cash under certain laws The Secretary, in consultation with the Financial Crimes Enforcement Network, and representatives of the digital asset industry...
- Requires findings Congress finds the following: Advances in technology have led to the creation of digital assets and blockchain technology that will improve the United States financial system and create a more fair...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires clarification of definition of broker Section 6045(c)(1)(D) of the Internal Revenue Code of 1986 is amended to read as follows: (D)any person who (for consideration) stands ready in the ordinary course of a, requires reporting of digital assets Section 6045(g)(3)(D) of the Internal Revenue Code of 1986 is amended to read as follows: (D)Digital assetThe term digital asset means any digital representation of value which is, and requires study and report on treatment of digital assets as cash under certain laws The Secretary, in consultation with the Financial Crimes Enforcement Network, and representatives of the digital asset industry.
Key Policy Areas
Financial Services, Finance, Housing, Science & Space
Primary Purpose
The bill requires clarification of definition of broker Section 6045(c)(1)(D) of the Internal Revenue Code of 1986 is amended to read as follows: (D)any person who (for consideration) stands ready in the ordinary course of a, requires reporting of digital assets Section 6045(g)(3)(D) of the Internal Revenue Code of 1986 is amended to read as follows: (D)Digital assetThe term digital asset means any digital representation of value which is, and requires study and report on treatment of digital assets as cash under certain laws The Secretary, in consultation with the Financial Crimes Enforcement Network, and representatives of the digital asset industry.
Policy Domains
Whole bill
Identified Gains
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Financial services firms and customers affected by the bill
- Researchers and scientific institutions affected by the bill
- Homeowners, tenants, or housing market participants affected by the bill
- Businesses and employers affected by the bill
Sponsors
Legislative Progress
IntroducedMr. McHenry (for himself, Mr. Torres of New York, Mr. …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Law enforcement, justice-system actors, and affected communities
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology