,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #iage  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #h1 #bjbf,mr4   
,c>ey introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to provide rules =       
taxation ( income relat+ to ! m9+ & /ak+
 ( digital assets1 & = o!r purposes4    
#a4 ,%ort title2 etc  7a7 ,%ort title   
,?is ,act may be cit$ z ! ,tax ,cl>ity =
 ,m9+ & ,/ak+ ,act4  7b7 ,ref]5ces      
,except z o!rwise expressly provid$1    
:5ev] 9 ?is ,act an am5dm5t or repeal is
 express$ 9 t]ms ( an am5dm5t to1 or    
repeal (1 a section or o!r provision1 ! 
ref]5ce %all be consid]$ to be made to a
 section or o!r provision ( ! ,int]nal  
,rev5ue ,code ( #aihf4  7c7 ,table (    
cont5ts ,! table ( cont5ts = ?is ,act is
 z foll[s3 ,sec4 #a4 ,%ort title2       
etc4,sec4 #b4 ,treatm5t ( c]ta9 digital 
assets receiv$ 9 connection ) !         
validation ( digital asset              
transactions4,sec4 #c4 ,inve/m5t tru/s  

engag$ 9 digital asset /ak+4,sec4 #d4   
,def9itions4  #b4 ,treatm5t ( c]ta9     
digital assets receiv$ 9 connection ) ! 
validation ( digital asset transactions 
7a7 ,9 g5]al ,*apt] #a is am5d$ by      
ins]t+ aft] sub*apt] ,v ! foll[+ new    
sub*apt]3  ,w ,newly m9t$ digital assets
 receiv$ 9 connection ) ! validation (  
digital asset transactions  ,sec4       
#adjj,w-#a4 ,curr5t inclusions 9 gross  
income2 co/s n capitaliz$4,sec4         
#adjj,w-#b4 ,election to def] inclusion 
( income & capitalize co/s ( qualifi$   
newly m9t$ digital assets4,sec4         
#adjj,w-#c4 ,def9itions2 regulations4   
#adjj,w-#a4 ,curr5t inclusions 9 gross  
income2 co/s n capitaliz$  7a7 ,9 g5]al 
,9 ! case ( ! acquisition ( any newly   
m9t$ digital asset-- 7#a7 ! fair m>ket  
value ( su* asset %all be includ$ 9 !   
taxpay]'s gross income z ord9>y income z
 ( ! "t ( su* acquisition1 &  7#b7 !    
am\nt includ$ 9 gross income "u p>agraph
 7#a7 %all be prop]ly tak5 into acc\nt 9
 det]m9+ ! taxpay]'s basis 9 su* asset4 

7b7 ,acquisition co/s n capitaliz$  7#a7
 ,9 g5]al ,not)/&+ any provision ( ?is  
title 7o!r ?an p>agraph 7#b7 & section  
#adjj,w-#b71 specifi$ acquisition co/s  
%all be treat$ z an exp5se :i* is n     
*>geable to capital acc\nt4  7#b7       
,au?ority = exception to con=m )        
taxpay]'s applicable f9ancial /atem5t ,!
 ,secret>y may issue regulations or o!r 
guidance :i* all[ specifi$ acquisition  
co/s to be *>geable to capital acc\nt if
 su* treatm5t w\ld be consi/5t ) !      
treatm5t ( su* co/s = purposes ( !      
applicable f9ancial /atem5t 7z def9$ 9  
section #dea7;b77#c77 ( ! taxpay]4      
#adjj,w-#b4 ,election to def] inclusion 
( income & capitalize co/s ( qualifi$   
newly m9t$ digital assets  7a7 ,9 g5]al 
,not)/&+ section #adjj,w-#a1 9 ! case ( 
any taxpay] = any taxable ye> to :i* an 
election "u subsection 7e7 applies--    
7#a7 all qualifi$ newly m9t$ digital    
assets acquir$ by su* taxpay] dur+ su*  
taxable ye> %all n be includ$ 9 !       
taxpay]'s gross income by reason ( su*  

acquisition1 &  7#b7 specifi$           
acquisition co/s paid or incurr$ dur+   
su* taxable ye> %all be *>geable to     
capital acc\nt ) respect to qualifi$    
newly m9t$ digital assets 9 accordance )
 ! rules provid$ 9 subsection 7c7 7& no 
d$uction %all o!rwise be all[$ "u ?is   
subtitle ) respect to su* co/s74  7b7   
,recognition & "* ( ga9 or loss on      
disposition  7#a7 ,9 g5]al ,9 ! case ( a
 disposition ( any qualifi$ newly m9t$  
digital asset-- 7,a7 any ga9 on su*     
disposition %all be-- 7i7 recogniz$     
not)/&+ any o!r provision ( ?is         
subtitle1 &  7ii7 treat$ z ga9 f !      
disposition ( prop]ty :i* is n a capital
 asset1 &  7,b7 any loss on su*         
disposition %all be treat$ z loss f !   
disposition ( prop]ty :i* is n a capital
 asset to ! ext5t t su* loss exce$s !   
portion ( ! basis ( su* prop]ty t is n  
attributable to specifi$ acquisition    
co/s4  7#b7 ,exception = c]ta9          
nonrecognition transactions ,p>agraph   
7#a7 %all n apply to-- 7,a7 any         

disposition to :i* section #ajeh        
applies1 &  7,b7 to ! ext5t provid$ by !
 ,secret>y1 any disposition :i* is a    
nonrecognition transaction describ$ 9   
sub*apt] ,c or ,k4  7#c7 ,special rule =
 det]m9+ c>ryov] basis ,9 ! case ( any  
disposition ( a qualifi$ newly m9t$     
digital asset ) respect to :i* ga9 is   
recogniz$ by ! transf]or "u p>agraph    
7#a71 if ! basis ( su* asset 9 ! h&s ( !
 transf]ee is det]m9$ by ref]5ce to !   
basis ( su* asset 9 ! h&s ( ! transf]or1
 prop] adju/m5ts %all be made 9 !       
det]m9ation ( basis to take into acc\nt 
su* ga94  7c7 ,capitalization ( specifi$
 acquisition co/s  7#a7 ,9 g5]al ,=     
purposes ( ?is section1 ! ,secret>y %all
 provide rules = ! prop] allocation (   
specifi$ acquisition co/s among qualifi$
 newly m9t$ digital assets4  7#b7       
,cessation ( activities ,! rules provid$
 "u p>agraph 7#a7 %all include rules t  
provide = ! prop] d$uction ( specifi$   
acquisition co/s :i* are n o!rwise      
allocat$ to qualifi$ newly m9t$ digital 

assets pursuant to su* rules because !  
taxpay] indef9itely ceases all          
activities relat$ to ! validation (     
digital assets 7includ+ /ak+ & m9+74    
7d7 ,qualifi$ newly m9t$ digital asset  
,= purposes ( ?is section-- 7#a7 ,9     
g5]al ,! t]m qualifi$ newly m9t$ digital
 assets means1 ) respect to any taxpay] 
= any taxable ye>1 any newly m9t$       
digital asset 7det]m9$ )\t reg>d to     
subp>agraph 7,b7 ( section              
#adjj,w-#c7;a77#a77 acquir$ by su*      
taxpay] dur+ su* taxable ye> if-- 7,a7 !
 election "u subsection 7e7 applies to  
su* taxpay] = su* taxable ye>1 &  7,b7 !
 taxpay]-- 7i7 9 ! case ( any su* newly 
m9t$ digital asset issu$ 9 connection ) 
a validation ( digital asset            
transactions :i* 0 n support$ by ! /ak+ 
( digital assets-- 7,i7 is ! p]son :o   
validat$ su* digital asset transactions1
 &  7,,ii7 is ! fir/ own] ( su* newly   
m9t$ digital asset1 or  7ii7 9 ! case ( 
any su* newly m9t$ digital asset issu$ 9
 connection ) a validation ( digital    

asset transactions :i* 0 support$ by !  
/ak+ ( digital assets-- 7,i7 is ! p]son 
:o holds ! digital assets t 7 s /ak$1 & 
7,,ii7 ei!r is ! fir/ own] ( su* newly  
m9t$ digital asset or acquir$ su* newly 
m9t$ digital asset promptly aft] su*    
newly m9t$ digital asset 0 issu$4  7#b7 
,lessee treat$ z hold] ,= purposes (    
p>agraph 7#a77;,b77ii77,i71 if a digital
 asset is l5t to any p]son1 su* p]son 7&
 n ! p]son l5d+ su* asset7 %all be      
treat$ z hold+ su* asset4  7e7 ,election
  7#a7 ,9 g5]al ,an election "u ?is     
section %all apply = ! taxable ye> = :i*
 x is made & = ea* taxable ye> !reaft]  
unless revok$ ) ! cons5t ( ! ,secret>y4 
,su* election %all be made at su* "t & 9
 su* mann] z ! ,secret>y may provide4   
7#b7 ,application to p>tn]%ips & ,s     
corporations ,9 ! case ( any p>tn]%ip or
 ,s corporation1 ! election "u ?is      
section %all be made at ! p>tn]%ip or ,s
 corporation level4  7#c7 ,treatm5t z   
*ange 9 me?od ( acc\nt+ ,a taxpay] mak+ 
an election "u ?is section %all be      

treat$ = purposes ( section #dha z mak+ 
a *ange 9 me?od ( acc\nt+ :i* is        
initiat$ by ! taxpay] & made ) ! cons5t 
( ! ,secret>y4 ,su* *ange %all be appli$
 only on a cut-(f basis1 & no adju/m5ts 
%all be made "u section #dha7;a74  7f7  
,controll$ =eign corporations & passive 
=eign inve/m5t corporations ineligible  
,?is section %all n apply to-- 7#a7 any 
controll$ =eign corporation or any      
passive =eign inve/m5t company 7z def9$ 
9 section #abig71  7#b7 except z o!rwise
 provid$ by ! ,secret>y-- 7,a7 any =eign
 tru/1 &  7,b7 any p>tn]%ip 9 :i* "o or 
m controll$ =eign corporations1 passive 
=eign inve/m5t companies 7z s def9$71 or
 =eign tru/s are p>tn]s 9 su* p>tn]%ip1 
&  7#c7 to ! ext5t provid$ by !         
,secret>y1 any p>tn]%ip or tru/ if "o or
 m entities describ$ 9 p>agraph         
7#b77;,b7 are indirectly p>tn]s 9 su*   
p>tn]%ip or direct or indirect          
b5efici>ies ( su* tru/4  7g7 ,treatm5t (
 c]ta9 grantor tru/s ,! regulations or  
o!r guidance issu$ by ! ,secret>y "u    

section #adjj,w-#c7;c7 may include      
regulations or o!r guidance provid+     
rules = ! application ( ?is section )   
respect to digital assets own$ ?r\gh a  
widely trad$ fix$ inve/m5t tru/1 includ+
 regulations or o!r guidance-- 7#a7     
modify+ in=mation report+ requirem5ts or
 requir+ additional in=mation report+ ) 
respect to newly m9t$ digital assets    
acquir$ ?r\gh su* a tru/1  7#b7 provid+ 
reasonable me?ods = brok]s 7or any o!r  
p]son requir$ to report in=mation )     
respect to su* a tru/7 to det]m9e &     
report ! portion ( ! int]e/ 9 su* a tru/
 t results f ! acquisition ( newly m9t$ 
digital assets dur+ a taxpay]'s hold+   
p]iod1  7#c7 requir+ own]s ( int]e/s 9  
su* a tru/ to notify ! brok] 7or any o!r
 p]son requir$ to report in=mation )    
respect to su* a tru/7 :e!r an election 
has be5 made "u subsection 7e71  7#d7   
provid+ rules = ! appropriate allocation
 ( basis to ! portion ( ! int]e/ 9 su* a
 tru/ t is attributable to ! acquisition
 ( newly m9t$ digital assets1 includ+ by

 requir+ ! allocation ( any basis 7o!r  
?an specifi$ acquisition co/s requir$ to
 be capitaliz$ "u ?is section7 to a     
taxpay]'s o!r int]e/s 9 su* a tru/1     
7#e7 provid+ rules to r$uce adm9i/rative
 & compliance burd5s by provid+ =       
aggregation1 approximation1 or o!r      
reasonable me?ods to compute & report   
ga9 attributable to newly m9t$ digital  
assets acquir$ ?r\gh su* a tru/1 &  7#f7
 def9+ ! widely trad$ fix$ inve/m5t     
tru/s to :i* ! regulations or o!r       
guidance "u ?is subsection applies4     
#adjj,w-#c4 ,def9itions2 special rules2 
regulations  7a7 ,def9itions ,= purposes
 ( ?is sub*apt]-- 7#a7 ,newly m9t$      
digital asset  7,a7 ,9 g5]al ,! t]m     
newly m9t$ digital asset means any      
digital asset t is issu$ 9 connection ) 
! validation ( digital asset            
transactions 7includ+ digital asset     
validation support+ activities7 & t     
7prior to su* issuance7 0 n own$ by any 
p]son4  7,b7 ,t]m9ation ( treatm5t z    
newly m9t$ ,a digital asset %all n be   

treat$ z a newly m9t$ digital asset at  
any "t aft] ! disposition ( su* asset by
 ! fir/ own] ( su* asset4  7,c7         
,au?orization ( reasonable me?ods (     
det]m9ation  7i7 ,9 g5]al ,except z     
o!rwise provid$ pursuant to clause 7ii71
 a taxpay] may use any reasonable me?od 
to det]m9e :e!r a digital asset acquir$ 
by ! taxpay] is a newly m9t$ digital    
asset4  7ii7 ,au?ority ( ,secret>y to   
id5tify me?ods ,! ,secret>y may issue   
su* regulations or o!r guidance z !     
,secret>y det]m9es necess>y or          
appropriate specify+ me?ods t are1 or   
are n1 reasonable = purposes ( clause   
7i74  7#b7 ,specifi$ acquisition co/s   
7,a7 ,9 g5]al ,! t]m specifi$           
acquisition co/s means any am\nt paid or
 incurr$ 9 connection ) validat+ any    
digital asset transaction if1 at ! "t   
su* am\nt is paid or incurr$ !re is a   
reasonable possibility t ! taxpay] w    
acquire a newly m9t$ digital asset 9    
connection ) su* validation4 ,su* t]m   
%all n include any am\nt unless su*     

am\nt w\ld 7)\t reg>d to ?is sub*apt]7  
be ei!r all[able z a d$uction or        
*>geable to capital acc\nt4  7,b7       
,inclusion ( c]ta9 co/s ,= purposes (   
subp>agraph 7,a71 ! t]m am\nt paid or   
incurr$ 9 connection ) validat+ any     
digital asset transaction includes any  
am\nt paid or incurr$ 9 connection ) !  
activity ( validat+1 or attempt+ to     
validate1 any digital asset transaction1
 includ+-- 7i7 ! direct co/s ( su*      
activity1  7ii7 indirect co/s allocable 
to su* activity1  7iii7 fees paid or    
incurr$ to ano!r p>ty to c>ry out su*   
activity1 &  7iv7 int]e/ co/s allocable 
to su* activity4  7b7 ,special rules ,= 
purposes ( ?is sub*apt]-- 7#a7 ,acquire 
,a p]son %all be treat$ z acquir+ a     
newly m9t$ digital asset 9 any case :]e 
su* p]son comes to possess su* asset &  
)\t reg>d to ! mann] 9 :i* su* p]son    
comes to possess su* asset4  7#b7       
,cl>ification t c]ta9 transf]s are      
treat$ z dispositions ,! foll[+ %all n  
fail to be treat$ z a disposition =     

purposes ( ?is sub*apt]3 7,a7 ,!        
di/ribution ( any digital asset f a tru/
 to a b5efici>y4  7,b7 ,! transf] ( any 
digital asset f a dec$5t 7:e!r or n     
incid5t to ! dec$5t's dea?74  7c7       
,regulations ,! ,secret>y %all issue su*
 regulations or o!r guidance z may be   
necess>y or appropriate to c>ry out !   
purposes ( ?is sub*apt]1 includ+ to     
prev5t ! abuse ( ! provisions ( ?is     
sub*apt]4  4  7b7 ,cl>ification ( s\rc+ 
rules = digital assets acquir$ 9        
connection ) validat+ digital asset     
transactions ,section #hfc is am5d$ by  
add+ at ! end ! foll[+ new subsection3  
7f7 ,treatm5t ( digital assets acquir$ 9
 connection ) validat+ digital asset    
transactions  7#a7 ,income on           
acquisition ,income f ! acquisition (   
any digital asset receiv$ 9 connection )
 ! validation ( digital asset           
transactions 7includ+ digital asset     
validation support+ activities7 %all be 
s\rc$-- 7,a7 9 ! ,unit$ ,/ates if !     
taxpay] is a ,unit$ ,/ates resid5t at ! 

"t ( acquisition1 &  7,b7 outside !     
,unit$ ,/ates if ! taxpay] is a         
nonresid5t at ! "t ( acquisition4  7#b7 
,c]ta9 def]r$ income recogniz$ on       
disposition ,income describ$ 9 section  
#adjj,w-#b7;b7 %all be s\rc$-- 7,a7 9 ! 
,unit$ ,/ates if ! taxpay] is a ,unit$  
,/ates resid5t at ! "t ( disposition1 & 
7,b7 outside ! ,unit$ ,/ates if !       
taxpay] is a nonresid5t at ! "t (       
disposition4  7#c7 ,treatm5t ( bran*es  
7,a7 ,=eign bran*es ,9 ! case ( a ,unit$
 ,/ates p]son ) a qualifi$ bus9ess unit 
7z def9$ 9 section #ihi7;a77 9 a =eign  
c\ntry1 income describ$ 9 p>agraph 7#a7 
or 7#b7 t con/itute bus9ess pr(its      
attributable to su* unit %all be s\rc$  
outside ! ,unit$ ,/ates4  7,b7 ,u4,s4   
bran*es ,9 ! case ( a p]son t is n a    
,unit$ ,/ates p]son & t ma9ta9s an (fice
 or o!r fix$ place ( bus9ess 9 ! ,unit$ 
,/ates1 income describ$ 9 p>agraph 7#a7 
or 7#b7 attributable to su* (fice or o!r
 fix$ place ( bus9ess %all be s\rc$ 9 ! 
,unit$ ,/ates4  7,c7 ,attribution ,=    

purposes ( subp>agraphs 7,a7 & 7,b71 !  
,secret>y may issue su* regulations or  
o!r guidance z ! ,secret>y det]m9es     
necess>y or appropriate = purposes (    
det]m9+ ! am\nt ( bus9ess pr(its        
attributable to a qualifi$ bus9ess unit 
or (fice or o!r fix$ place ( bus9ess4   
7#d7 ,treatm5t ( p>tn]%ips ,9 ! case ( a
 p>tn]%ip1 except z o!rwise provid$ by !
 ,secret>y 9 regulations or o!r         
guidance1 ?is subsection %all be appli$ 
at ! p>tn] level4  7#e7 ,unit$ ,/ates   
resid5t2 nonresid5t ,= purposes ( ?is   
subsection1 ! t]ms ,unit$ ,/ates resid5t
 & nonresid5t h ! mean+ giv5 su* t]ms1  
respectively1 9 section #hfe7;g77#a71   
det]m9$ aft] application ( section      
#hfe7;g77#b74  4  7c7 ,rules relat+ to  
p>tn]%ips t hold newly m9t$ digital     
assets ,section #gea7;c7 is am5d$ 9 !   
flu% language at ! end-- 7#a7 by /rik+ &
 an oil1 gas1 or geo!rmal prop]ty       
7describ$ 9 section #abed7 & ins]t+ an  
oil1 gas or geo!rmal prop]ty 7describ$ 9
 section #abed71 & qualifi$ newly m9t$  

digital assets 7z def9$ 9 section       
#adjj,w-#b7;d771 &  7#b7 by /rik+ or    
#abed7;a7 & ins]t+ #abed7;a71 or        
#adjj,w-#b7;b77#a77;,a74  7d7           
,coord9ation ) d$uction = qualifi$      
bus9ess income ,section                 
#aii;,a7c77#c77;,b7 is am5d$ by         
r$esignat+ clause 7vii7 z clause 7x7 &  
ins]t+ aft] clause 7vi7 ! foll[+ new    
clauses3  7vii7 ,any item ( ga9 or loss 
on ! disposition ( any newly m9t$       
digital asset 7z def9$ 9 section        
#adjj,w-#c7;a77#a774  7viii7 ,any item (
 income includible 9 gross income "u    
section #adjj,w-#a7;a77#a74  7ix7 ,any  
item ( ga9 realiz$ "u subsection 7a7 or 
7b7 ( section #gea by reason ( !        
ref]5ces 9 section #gea7;c7 to qualifi$ 
newly m9t$ digital assets 7z def9$ 9    
section #adjj,w-#b7;d7 & to             
#adjj,w-#b7;b77#a77;,a74  4  7e7        
,cl]ical am5dm5t ,! table ( sub*apt]s = 
*apt] #a is am5d$ by ins]t+ aft] ! item 
relat+ to sub*apt] ,v ! foll[+ new item3
  ,sub*apt] ,w--,newly m9t$ digital     

assets receiv$ 9 connection ) validat+  
digital asset transactions  4  7f7      
,effective date ,! am5dm5ts made by ?is 
section %all apply to assets acquir$ 9  
taxable ye>s beg9n+ aft] ! date ( !     
enactm5t ( ?is ,act4  7g7 ,no inf]5ce ) 
respect to prop] treatm5t ( newly m9t$  
digital assets to :i* ! am5dm5ts made by
 ?is section d n apply ,no?+ 9 ?is      
section 7or any am5dm5t made by ?is     
section7 %all be con/ru$ to create any  
inf]5ce ) respect to ! prop] application
 ( any provision ( ! ,int]nal ,rev5ue   
,code ( #aihf ) respect to any newly    
m9t$ digital asset 7z def9$ #adjj,w-#c (
 su* ,code1 z add$ by ?is section7      
acquir$ 9 any taxable ye> beg9n+ on or  
be=e ! date ( ! enactm5t ( ?is ,act4    
#c4 ,inve/m5t tru/s engag$ 9 digital    
asset /ak+  7a7 ,9 g5]al ,section       
#ggja7p71 z add$ by section #d ( ?is    
,act1 is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#g7 ,/atus ( tru/s     
engag$ 9 digital asset /ak+  7,a7 ,9    
g5]al ,an entity or arrangem5t %all n   

fail to be treat$ z a tru/ = purposes ( 
?is title solely by reason ( ! p[] ( !  
tru/ee ( su* entity or "u su* arrangem5t
 to-- 7i7 engage 9 /ak+ digital assets  
held by ! tru/1  7ii7 reta9 or di/ribute
 digital assets receiv$ 9 connection )  
su* /ak+1  7iii7 det]m9e :i* digital    
assets held by ! tru/ to use 9 /ak+1    
7iv7 to ! ext5t t any digital assets    
held by ! tru/ are committ$ to /ak+1    
take measures necess>y or appropriate to
 ensure t ! tru/ has suffici5t liquidity
 to make di/ributions 9 r$emption (     
int]e/s 9 ! tru/1 includ+ by pur*as+ !  
"r to borr[ money or digital assets to  
make su* di/ributions1 &  7v7 p]=m acts 
relat$ to ! ex]cise ( ! p[]s describ$ 9 
! prec$+ clauses ( ?is subp>agraph4     
7,b7 ,n to apply to validat+ trade or   
bus9ess ,subp>agraph 7,a7 %all n apply 9
 ! case ( an entity or arrangem5t engag$
 9 ! active conduct ( a trade or bus9ess
 ( validat+ digital asset transactions4 
7,c7 ,regulations ,! ,secret>y may      
prescribe su* regulations or o!r        

guidance z may be necess>y or           
appropriate to c>ry out ! purposes ( ?is
 p>agraph4  4  7b7 ,cl]ical am5dm5t ,!  
head+ = section #ggja7p71 z add$ by     
section #d ( ?is ,act1 is am5d$ by      
ins]t+ & special rules aft] ,def9itions4
  7c7 ,effective date ,! am5dm5ts made  
by ?is section %all apply to taxable    
ye>s end+ aft] ! date ( ! enactm5t ( ?is
 ,act4  #d4 ,def9itions ,section #ggja  
is am5d$-- 7#a7 by r$esignat+ subsection
 7p7 z subsection 7q71 &  7#b7 by ins]t+
 aft] subsection 7o7 ! foll[+ new       
subsection3  7p7 ,def9itions relat$ to  
digital assets ,= purposes ( ?is title--
 7#a7 ,digital asset ,! t]m digital     
asset means1 except z o!rwise provid$ by
 ! ,secret>y1 any digital repres5tation 
( value :i* is record$ on a             
cryptographically secur$ di/ribut$ l$g] 
or any simil> te*nology z specifi$ by ! 
,secret>y4  7#b7 ,digital asset         
transaction ,! t]m digital asset        
transaction means any transf] ( a       
digital asset record$ on !              

cryptographically secur$ di/ribut$ l$g] 
7or simil> te*nology7 ref]r$ to 9       
p>agraph 7#a74  7#c7 ,digital asset     
validation support+ activities ,! t]m   
digital asset validation support+       
activities means /ak+1 m9+1 or simil>   
activities 9 support ( ! validation (   
digital asset transactions4  7#d7       
,validation ,! t]m validate1 & any      
d]ivative ( su* t]m 7includ+            
validation71 :5 us$ 9 connection ) a    
digital asset transaction1 includes !   
processes ( propos+ transactions =      
validation & v]ify+ ! validation (      
transactions4  7#e7 ,/ak+ ,! t]m /ak+1  
:5 us$ 9 connection ) a digital asset1  
means-- 7,a7 mak+ su* asset available 9 
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provid$ by ! ,secret>y1 any sub/antially
 simil> activity4  7#f7 ,m9+ ,! t]m m9+1
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means-- 7,a7 p]=m+ computations1 or mak+
 available comput+ p[]1 9 support ( !   
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