H.R. 10357
Digital Asset Tax Certainty Act
Official summary
No official summary yet.
Text of the bill
I Removing tax barriers to the use of digital assets as a medium of exchange
II Providing parity between digital assets and comparable traditional financial assets
III Applying existing tax anti-abuse rules to digital assets
(a) Exception for qualified U.S. dollar stablecoins. Section 163(f)(2)(A) is amended—
(1) by striking or at the end of clause (ii),
(2) by striking the period at the end of clause (iii) and inserting , or, and
(3) by adding at the end the following new clause:
(iv) is a qualified U.S. dollar stablecoin.
(b) Clarification of treatment of digital assets. Section 4701 is amended by adding at the end the following new subsection:
(c) Digital assets
(1) Location of disclosure statement. In the case of any digital asset, the requirement of clause (iii) of subsection (b)(1)(B) shall be treated as satisfied if the statement described therein is included in all written terms or marketing materials with respect to such digital asset and in such other locations or documents as the Secretary may prescribe in regulations.
(2) Treatment of digital assets without a fixed maturity date. In the case of any digital asset that does not have a fixed maturity date at issue, the date of maturity of such asset for purposes of subsection (a)(2) shall be treated as the date that is 25 years after the date of issuance of such digital asset.
(c) Effective date
(1) In general. Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years ending after the date of the introduction of this Act.
(2) Clarification of treatment of digital assets without a fixed maturity date. The amendment made by subsection (b) shall apply to digital assets issued after the date of the introduction of this Act.
IV Clarifying the tax treatment of mining and staking
V Ensuring that owners and users of digital assets face an appropriate tax compliance burden
VI Definitions; regulations; rules of construction
VII Full House Act