‘‘(d) RETURN REQUIREMENT FOR CERTAIN TRANS-
FERS OF DIGITAL ASSETS NOT OTHERWISE SUBJECT TO 
REPORTING.—Any broker, with respect to any transfer 
(which is not part of a sale or exchange executed by such 
broker) during a calendar year of a covered security which 
is a digital asset from an account wholly controlled and 
maintained by such broker to an account which is not 
maintained by, or an address not associated with, a person 
that such broker knows or has reason to know is also a 
broker, shall make a return for such calendar year, in such 
form as determined by the Secretary, showing the infor-
mation otherwise required to be furnished with respect to 
transfers subject to subsection (a). Information reported 
by brokers under this section shall be limited to customer 
information that is voluntarily provided by the customer 
and held by the broker for a legitimate business purpose.’’. 
(c) DELAYED EFFECTIVE DATE FOR CERTAIN IN-
FORMATION REPORTING CHANGES; REVERSAL OF CER-
TAIN ADDITIONS TO 6050I.—Section 80603 of the Infra-
structure Investment and Jobs Act is amended— 
(1) by striking subsection (b)(3), and 
(2) in subsection (c), by striking ‘‘December 31, 
2023’’ and inserting ‘‘December 31, 2025’’. 
(d) EFFECTIVE DATES.— 
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(1) The amendments made by subsections (a) 
and (b) shall apply to returns required to be filed 
and statements required to be furnished after De-
cember 31, 2025. 
(2) The amendment made by subsection (c) 
shall take effect as if included in the enactment of 
section 80603 of the Infrastructure Investment and 
Jobs Act. 
SEC. 4. STUDY AND REPORT ON TREATMENT OF DIGITAL 
ASSETS AS CASH FOR PURPOSES OF SECTION 
6050I. 
(a) STUDY.—The Secretary, in consultation with rep-
resentatives of the digital asset industry, organizations fo-
cused on individual privacy and civil liberties, organiza-
tions engaged in advocacy, research or developing stand-
ards relating to digital asset use, shall conduct a study 
on the effect of expanding the definition of cash, solely 
for purposes of section 6050I of the Internal Revenue 
Code of 1986, to include any digital asset (as defined in 
section 6045(g)(3)(D) of such Code). 
(b) REPORT.—Not later than 365 days after the date 
of the enactment of this Act, the Secretary shall provide 
to relevant committees a report that contains all findings 
and determinations made in carrying out the study under 
subsection (a), including an analysis of— 
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(1) the interpretation of, regulations under, and 
enforcement of section 6050I for cash, 
(2) the privacy and liberty rights and interests 
of taxpayers and other persons affected, 
(3) the cost-benefit analysis of compliance, 
(4) the effect on the use of and access to digital 
assets and the financial system, 
(5) the effect on innovation, and 
(6) the effect on the economic competitiveness 
of the United States. 
(c) DEFINITIONS.—For purposes of this section— 
(1) RELEVANT COMMITTEES.—The term ‘‘rel-
evant committees’’ means— 
(A) the Committee on Financial Services 
of the House of Representatives, 
(B) the Committee on Banking, Housing, 
and Urban Affairs of the Senate, 
(C) the Committee on Ways and Means of 
the House of Representatives, and 
(D) the Committee on Finance of the Sen-
ate. 
(2) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury (or the Secretary’s 
delegate). 
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SEC. 5. FINDINGS. 
Congress finds the following: 
(1) Advances in technology have led to the cre-
ation of digital assets and blockchain technology 
that will improve the United States financial system 
and create a more fair and equitable structure for 
everyday Americans. 
(2) The reporting requirements under current 
law require digital asset market participants to ad-
here to standards that are incompatible with this 
technology’s operation. This will hinder the develop-
ment of digital assets and its underlying technology 
in the United States, shifting its development out-
side the United States. 
(3) The Chinese Government’s recent ban of 
cryptocurrency transactions provides the United 
States an opening to further enhance its role as the 
leading nation in the development of innovative 
blockchain technologies. Providing clear rules for 
both consumers and developers of digital assets is 
essential to taking advantage of this opportunity. 
(4) Miners and validators, hardware and soft-
ware developers, and protocol developers are not ac-
tual brokers and do not collect or have reason to col-
lect the information required under the Infrastruc-
ture Investment and Jobs Act. 
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(5) It is not in the interest of American tax-
payers for Congress to create uncertainty. 
(6) Consistent and accurate reporting on digital 
asset transactions is necessary. Congress must work 
to bring legal and regulatory certainty to the digital 
asset industry. Clear rules of the road fosters tech-
nology and innovation. 
(7) Any amendments made by this Act will not 
impact revenue estimated from the Infrastructure 
Investment and Jobs Act. 
Æ 
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