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) Application of worthless asset rules
(1) In general. Section 165 is amended by redesignating subsection (m) as subsection (n) and by inserting after subsection (l) the following new subsection:
(m) Worthless digital assets. If any digital asset (other than a tokenized digital asset described in subsection (g)(2)(D)) becomes worthless during the taxable year, the loss resulting therefrom shall, for purposes of this subtitle, be treated as a loss from the sale or exchange, on the last day of the taxable year, of such digital asset.
(2) Certain tokenized securities. Section 165(g)(2) is amended—
(A) by striking the semicolon at the end of subparagraph (A) and inserting a comma,
(B) by striking ; or at the end of subparagraph (B) and inserting a comma,
(C) by striking the period at the end of subparagraph (C) and inserting , or, and
(D) by adding at the end the following new subparagraph:
(D) a tokenized digital asset that is economically equivalent to a security described in subparagraph (A), (B), or (C).
(b) Application of rules for futures contracts
(1) In general. Section 1234B(c) is amended by striking all that precedes any security future (as defined and inserting the following:
(c) Specified asset futures contract. For purposes of this section—
(1) In general. The term specified asset futures contract means—
(A) any securities futures contract, and
(B) any futures contract in a digital asset.
(2) Securities futures contract. The term securities futures contract means
(2) Conforming amendments
(A) Section 1234A(1) is amended by striking securities futures contract and inserting specified asset futures contract.
(B) Subsections (a)(1), (b), and (d) of section 1234B are each amended by striking securities futures contract and inserting specified asset futures contract.
(C) Section 1234B(e) is amended by striking securities futures contracts and inserting specified asset futures contracts.
(D) The heading of section 1234B is amended by striking securities futures contracts and inserting specified asset futures contracts.
(E) The item relating to section 1234B in the table of sections for part IV of subchapter P of chapter 1 is amended by striking securities futures contracts and inserting specified asset futures contracts.
(c) Effective date. The amendments made by this section shall apply to taxable years ending after the date of the enactment 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