ANALYSIS: House Bill Moves First on Many Digital Asset Issues

While the cryptocurrency tax reporting provisions of the Senate infrastructure bill were occupying media attention in August, a House bill addressing cryptocurrency regulatory issues began to make its way quietly through the legislative process.

The Digital Asset Market Structure and Investor Protection Act, sponsored by Rep. Don Beyer (D-Va.), attempts to clarify a wide range of issues that include the treatment of digital assets under the federal securities laws, the Commodity Exchange Act, and the Bank Secrecy Act. Introduced on July 28, it has been referred to three House committees and is waiting for consideration.

The bill is a ...