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ARTICLE · 20 JULY 2023

Into The Woods: US Congress Provides A Roadmap To Solving Cryptocurrency Tax Issues

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Many aspects of the US federal income taxation of cryptocurrency and non-fungible token transactions are uncertain. So much so that in June 2023, the Joint Committee of Taxation (the "JCT")...

United StatesTechnology
Mark Leeds
Mark Leeds
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Many aspects of the US federal income taxation of cryptocurrency and non-fungible token transactions are uncertain. So much so that in June 2023, the Joint Committee of Taxation (the "JCT") issued a White Paper to assist Congress in both identifying and resolving such uncertainties.1 Not coincidentally, senators Cynthia Lummis and Kirsten Gillibrand have (again) proposed legislation that would bring more clarity to the taxation of digital asset transactions.2 While today even the most banal pieces of legislation seem to get weighed down with culture war riders, it's certainly worth examining these developments to see what we can expect if and when Congress acts in this realm. These developments also shed light on how the Internal Revenue Service (the "IRS") is likely to interpret existing rules as applied to cryptocurrency transactions.

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