[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4751 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 4751

To revise the definition of a broker for purposes of certain reporting 
requirements with respect to digital asset transfers under the Internal 
             Revenue Code of 1986, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             August 3, 2022

 Mr. Toomey (for himself, Ms. Sinema, Ms. Lummis, Mr. Warner, and Mr. 
   Portman) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To revise the definition of a broker for purposes of certain reporting 
requirements with respect to digital asset transfers under the Internal 
             Revenue Code of 1986, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INFORMATION REPORTING FOR BROKERS AND DIGITAL ASSETS.

    (a) Clarification of Definition of Broker.--Subparagraph (D) of 
section 6045(c)(1) of the Internal Revenue Code of 1986, as added by 
section 80603(a)(3) of the Infrastructure Investment and Jobs Act 
(Public Law 117-58), is amended by striking ``is responsible for 
regularly providing any service effectuating'' and inserting 
``regularly effectuates''.
    (b) Rules of Construction.--Section 80603 of the Infrastructure 
Investment and Jobs Act is amended by striking subsection (d) and 
inserting the following:
    ``(d) Rules 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, 
                without providing other functions or services, or
                    ``(B) selling hardware or software for which the 
                sole function is to permit persons to control private 
                keys which are used for accessing digital assets on a 
                distributed ledger.
            ``(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.''.
    (c) 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.
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