United States of America: Senate passage of amended INVEST in America Act including reporting obligations for digital assets
Description
Senate passage of amended INVEST in America Act including reporting obligations for digital assets
The INVEST in America Act H.R. 3684 was passed by the US Senate and because of amendments sent back to the House of Representatives. Among many measures in various sectors, section 80603 of the act includes reporting obligations to the Internal Reve…
Scope
Policy Area
Taxation
Policy Instrument
Taxation, nes
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
legislature
Government Body
parliament
Complete timeline of this policy change
Hide details
2021-08-01
under deliberation
2021-08-10
adopted
2021-08-10
under deliberation
2021-11-05
adopted
2021-11-15
in grace period
2022-12-23
adopted
Key regulatory dimensions
Regulated subjects
The businesses, government agencies or individuals affected by this policy or regulatory change.
consumer / buyer
1
Type
Private organisation
Economic activity
cross-cutting
Category
All
producer / supplier
2
Type
Private organisation
Economic activity
cross-cutting
Category
All
3rd party
3
Type
Private organisation
Economic activity
digital payment provider (incl. cryptocurrencies)
Category
All
Policy change by business practice
The detailed activities within the scope of this policy or regulatory change.
cryptoasset (any type): marketing: brokering
Regulatory tool
Regulator reporting requirement
Sanctions
Determined by existing law or regulation
Regulated subjects
2
1
3