In addition, the GMAC’s Digital Asset Markets Subcommittee will reassess any future developments in the digital asset ecosystem to provide further recommendations to the approach in the taxonomy, based on the guidance of its members. The Subcommittee aims to support effective rules and regulations for digital assets, and recommends continued collaboration between industry, standard-setting bodies, and the regulatory community.

See the latest updates on the bill here.

The text of the bill as at 20 July 2023 can be viewed here. 

A section-by-section summary as at 20 July 2023 can be viewed here.

The guidance also requests comments on the treatment of NFTs as collectibles and describes how the IRS intends to determine whether an NFT is a collectible until the further guidance is issued.

The nine reports together "articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad". They call on agencies to promote "innovation by kickstarting private-sector research and development and helping cutting-edge U.S. firms find footholds in global markets".

But the reports also call for measures to mitigate the downside risks, such as increased enforcement of existing laws and the creation of "common-sense efficiency standards for cryptocurrency mining". 

Recognising the potential benefits and risks of a U.S. Central Bank Digital Currency (CBDC), the reports encourage the Federal Reserve to "continue its ongoing CBDC research, experimentation, and evaluation and call for the creation of a Treasury-led interagency working group to support the Federal Reserve’s efforts".