To amend the Internal Revenue Code of 1986 to clarify the definition of broker, and for other purposes.
About This Bill
Committee
Latest Action · March 7, 2023
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Keep Innovation in America Act
This bill modifies provisions enacted by the Infrastructure Investment and Jobs Act relating to the definitions of broker and digital assets and their reporting requirements.
The bill redefines broker, for tax reporting purposes, to mean any person who (for consideration) stands ready in the ordinary course of business to effect sales of digital assets at the direction of their customers.
The bill redefines digital asset to mean any digital representation of value which is recorded on a cryptographically secured distribution ledger (this revised definition eliminates the discretion of the Department of the Treasury to include similar technology in the definition of digital asset).
The bill eliminates the cash reporting requirement for digital assets (i.e., receipt of more than $10,000) but requires Treasury, in consultation with the Financial Crimes Enforcement Network and other representatives of the digital asset industry, to conduct a study of, and report on, the effect of expanding the definition of cash to include any digital asset.
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