As a response to an executive order that Biden signed in March, the Treasury Department has developed a framework with other federal agencies for engaging with foreign countries on the regulation of digital assets, including global principles and standards for how digital assets are used and transacted. 

The framework aims to take an interagency approach in order to protect consumers, investors and businesses to maintain the safety and soundness of the global financial and monetary system, while also promoting access to safe and affordable financial services and supporting technological advances. 

A&M Managing Director Chris Kotarba speaks with Accounting Today on the various ways this proposed legislation could affect digital asset taxation and the likelihood that it will pass.