[Congressional Record Volume 171, Number 112 (Saturday, June 28, 2025)]
[Senate]
[Page S3992]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2456. Mr. SCHIFF (for himself and Mr. Kelly) submitted an 
amendment intended to be proposed by him to the bill H.R. 1, to provide 
for reconciliation pursuant to title II of H. Con. Res. 14; which was 
ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. TAX ON DIGITAL ASSETS ISSUED BY PUBLIC OFFICIALS.

       (a) In General.--Subchapter A of chapter 1 is amended by 
     adding at the end the following new part:

            ``PART VIII--CERTAIN INCOME FROM DIGITAL ASSETS

``Sec. 59B. Income from the issuance of digital assets by public 
              officials.

     ``SEC. 59B. INCOME FROM THE ISSUANCE OF DIGITAL ASSETS BY 
                   PUBLIC OFFICIALS.

       ``(a) In General.--In the case of an individual, if such 
     individual has applicable digital asset income for the 
     taxable year--
       ``(1) gross income shall be reduced by the amount of such 
     applicable digital asset income, and
       ``(2) the tax imposed by section 1 for the taxable year 
     shall be increased by an amount equal to 100 percent of such 
     applicable digital asset income (determined by reducing the 
     amount of such income by any deductions properly allocable to 
     such income).
       ``(b) Applicable Digital Asset Income.--For purposes of 
     this section--
       ``(1) In general.--The term `applicable digital asset 
     income' means, with respect to any individual, any income 
     derived in connection with the issuance of a digital asset by 
     such individual or any person related to such individual if, 
     at the time such digital asset is issued, the individual is a 
     person who is such is described in section 13101(f) of title 
     5, United States Code.
       ``(2) Digital asset.--The term `digital asset' has the 
     meaning given such term under section 6045(g)(3)(D).
       ``(3) Related person.--For purposes of paragraph (1), a 
     person is related to another person if the relationship 
     between such persons would result in a disallowance of losses 
     under section 267 or 707(b).
       ``(c) Regulations.--The Secretary shall prescribe such 
     regulations or other guidance as is necessary or appropriate 
     to carry out the purposes of this section, including 
     regulations or other guidance to the determination of items 
     of income which are derived in connection with the issuance 
     of digital assets.''.
       (b) Clerical Amendment.--The table of parts for subchapter 
     A of chapter 1 is amended by adding at the end the following 
     new item:

           ``PART VIII--Certain Income From Digital Assets''.

       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after the date of the 
     enactment of this Act.
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