September 8, 2023 – Today, The Chamber of Digital Commerce responded to the Senate Finance Committee’s solicitation for policy input on the taxation of digital assets. 

In the response, The Chamber provides clarity on marking-to-market for traders and dealers, trading safe harbor, the treatment of loans of digital assets, wash sales, constructive sales, timing and source of earned income from staking and mining, nonfunctional currency, FATCA and FBAR reporting, and valuation. 

These responses were all formulated with the best interest of preserving safe innovation for blockchain technology and digital assets and align with The Chamber’s belief that by fostering an environment that encourages innovation coincides with ensuring regulatory compliance.  

“We believe that our collective efforts can lead to a more comprehensive and effective regulatory framework that balances the need for innovation with the necessity of compliance and investor protection,” said Cody Carbone, Vice President of Policy. “The Chamber appreciates the Committee’s thoughtfulness in engaging industry on this issue and looks forward to continuing to engage with the Committee on this and other matters of importance to the business community as they develop their legislative efforts.”