Congress Takes Its War on Cash to Digital Assets: Understanding Tax Code Section 6050I

19 Pages Posted: 20 Jun 2022

See all articles by Abraham Sutherland

Abraham Sutherland

University of Virginia School of Law

Date Written: December 8, 2021

Abstract

This essay is about section 6050I of the tax code, the 1984 federal law that helped make cash obsolete. It’s important because the same law is now being aimed at digital assets, through an amendment to section 6050I that was signed into law on November 15, 2021.

The United States government really does not like Americans to make large cash transactions. Now, due to the new law, it really, really does not want Americans to use “digital assets,” either. My goal is to convince you that the first claim is true. The second claim will then be self-evident.

Keywords: 6050I, 26 USC 6050I, digital assets, Bitcoin, cryptocurrency, Form 8300

JEL Classification: K34, K2

Suggested Citation

Sutherland, Abraham, Congress Takes Its War on Cash to Digital Assets: Understanding Tax Code Section 6050I (December 8, 2021). Available at SSRN: https://ssrn.com/abstract=4137738 or http://dx.doi.org/10.2139/ssrn.4137738

Abraham Sutherland (Contact Author)

University of Virginia School of Law ( email )

580 Massie Road
Charlottesville, VA 22903
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
410
Abstract Views
1,064
Rank
135,438
PlumX Metrics