.On Tuesday, the Ways and Means Committee held a legislative hearing on digital asset taxation. Digital assets are digital currencies, including crypto, stablecoins and others. Digital asset taxation directly impacts millions of everyday Americans and our financial institutions, even if folks aren’t directly engaging in the digital asset market. However, digital assets are currently subject to tax definitions meant for the physical world, creating an administrative nightmare.
At the hearing, I talked about how we need to establish a tax code for digital assets that will ease the burden on everyday Americans, brokers and the IRS. You can watch my complete remarks here.