This bill expands the definition of broker, for purposes of tax information reporting, to include any person who (for consideration) stands ready in the ordinary course of a trade or business to effect sales of digital assets at the direction of their customers. It also provides for reporting requirements for digital assets (i.e., any digital representation of value that is recorded on a cryptographically secured distributed ledger).
The bill requires a study and a report on the treatment of digital assets as cash for purposes of reporting requirements for cash payments of more than $10,000.
This bill requires the Department of Commerce to conduct an interagency review of the global competitiveness of the United States in attracting foreign direct investment and addressing foreign trade barriers that firms in advanced technology sectors face in the global digital economy.
Such review shall include an assessment of (1) the current economic impact of foreign direct investment in the United States, (2) trends in global cross-border investment and data flows, (3) federal government policies that are linked to the ability of the United States to attract and retain foreign direct investment, and (4) the adequacy of federal government efforts to increase the ease for foreign firms considering investment in the United States.
Commerce must report the findings of such review and submit recommendations for increasing the global competitiveness of the United States in attracting foreign direct investment and developing new technologies and services.