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S. 3249 (117th): A bill to revise the rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets, and for other purposes.

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The text of the bill below is as of Nov 18, 2021 (Introduced). The bill was not enacted into law.

II

117th CONGRESS

1st Session

S. 3249

IN THE SENATE OF THE UNITED STATES

November 18, 2021

(for himself and Ms. Lummis) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To revise the rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets, and for other purposes.

1.

Rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets

(a)

In general

Section 80603 of the Infrastructure Investment and Jobs Act is amended by striking subsection (d) and inserting the following:

(d)

Rule of construction

(1)

Definition of broker

Nothing in this section or the amendments made by this section shall be construed to create any inference that a person described in section 6045(c)(1)(D) of the Internal Revenue Code of 1986, as added by this section, includes any person solely engaged in the business of—

(A)

validating distributed ledger transactions,

(B)

selling hardware or software for which the sole function is to permit a person to control private keys which are used for accessing digital assets on a distributed ledger, or

(C)

developing digital assets or their corresponding protocols for use by other persons, provided that such other persons are not customers of the person developing such assets or protocols.

(2)

Brokers and treatment of digital assets

Nothing in this section or the amendments made by this section shall be construed to create any inference, for any period prior to the effective date of such amendments, with respect to—

(A)

whether any person is a broker under section 6045(c)(1) of the Internal Revenue Code of 1986, or

(B)

whether any digital asset is property which is a specified security under section 6045(g)(3)(B) of such Code.

(e)

Sense of Congress

It is the sense of Congress that nothing in the amendments made by this section shall be construed to have any effect on the Securities Act of 1933 (15 U.S.C. 77a et seq.) or the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).

.

(b)

Effective date

The amendments made by this section shall take effect as if included in the enactment of section 80603 of the Infrastructure Investment and Jobs Act.