Tax Code Section 6050I and 'Digital Assets': This Overlooked Surveillance and Reporting Mandate Should Be Struck from the  Infrastructure Bill
Proof of Stake Alliance Research Report (2021)
14 Pages Posted: 28 Jun 2022
Date Written: September 17, 2021
An overlooked provision — an amendment to tax code section 6050I — in the 2021 infrastructure spending bill will make receiving digital assets a felony if not reported correctly. This provision, which applies to all Americans who receive any kind of digital asset in the course of their trade or business, has thus far escaped public or congressional scrutiny.
Keywords: Bank Secrecy Act, 6050I, 26 USC 6050I, bitcoin, digital assets, cryptocurrency, tax law
JEL Classification: K02, K34
Suggested Citation: Suggested Citation