Insights

DigitalAssetsDefined_TheTaxCode_SOCIAL

Digital Assets Defined: The Tax Code's Take

In June 2022, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (the "Bill"), one of most comprehensive responses by Congress to date with respect to digital assets and their increasingly significant role in the U.S. economy. The legislation proposed a governance and definitional framework for digital assets across numerous areas of law, including taxation. While it is unlikely this Bill will be passed given the limited time remaining for the 117th Congress, the Bill's support of positions endorsed by the cryptocurrency industry is welcome. And it is widely anticipated that aspects of this bipartisan Bill will be incorporated in subsequent legislation, and are likely to shape the debate in future Congressional sessions. 

In this White Paper, we discuss some of the Bill's most significant tax proposals.

Read the White Paper.

Jones Day publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our “Contact Us” form, which can be found on our website at www.jonesday.com. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.