Linda M. Beale, Wayne State University Law School
Jeremy Bearer-Friend, George Washington University Law School
Jennifer Bird-Pollan, University of Kentucky J. David Rosenberg College of Law
Samuel D. Brunson, Loyola University Chicago School of Law
Luís Calderón Gómez, Yeshiva University - Benjamin N. Cardozo School of Law
Bryan Camp, Texas Tech University School of Law
Adam Chodorow, Arizona State University (ASU) - Sandra Day O'Connor College of Law
Mark Cochran, St. Mary's University School of Law
Lin William Cong, Cornell University - Samuel Curtis Johnson Graduate School of Management; National Bureau of Economic Research (NBER)
Matthew Foreman, Falcon Rappaport & Berkman LLP
Phil Gaudiano, Polygon Advisory Group
I. Richard Gershon, University of Mississippi - School of Law
Nathan C. Goldman, North Carolina State University - Department of Accounting
Jillian Grennan, University of California, Berkeley, Haas School of Business, Institue for Business and Social Impact
Megan Justice, Crayon Advisory, LLC
Young Ran (Christine) Kim, Yeshiva University - Benjamin N. Cardozo School of Law
Herbert I. Lazerow, University of San Diego School of Law
Tao Li, University of Florida - Department of Finance, Insurance and Real Estate
Lawrence Lokken, University of Florida College of Law
Omri Y. Marian, University of California, Irvine School of Law
Orly Mazur, Southern Methodist University - Dedman School of Law
Stephanie Hunter McMahon, University of Cincinnati - College of Law
Tyler Menzer, University of Iowa
Matt Metras, MDM Financial Services
Ann M. Murphy, Gonzaga University - School of Law
Henry Ordower, Saint Louis University School of LawFollow
Amanda Parsons, University of Colorado Law School
Daniel Rabetti, National University of Singapore (NUS)
Alex Raskolnikov, Columbia University - Law School
Tracey M. Roberts, Samford University, Cumberland School of Law
Kerry A. Ryan, Saint Louis University School of LawFollow
Edward A. Zelinsky, Yeshiva University - Benjamin N. Cardozo School of Law

Document Type

Working Paper

Publication Date



Digital Assets, Public Policy, Joint Committee on Taxation, Tax, Law, Internal Revenue Service, Cryptocurrency


In response to the Joint Committee on Taxation’s July 2023 request for comments on application of various Internal Revenue Code sections on digital assets, we propose a consistent set of rules to apply current law to digital assets. We highlight that the underlying economics and characteristics of transactions should be the primary concern for the application of rules and the valuation of digital assets. We believe any digital asset rules should (1) treat classes of digital assets with unique characteristics differently based on their economics, (2) minimize incentives for users to engage in tax-motivated structuring of transactions, and (3) allow the Internal Revenue Service authority to react to and regulate new classes of digital assets as they are created. We do not believe that the unique features of digital assets are a challenge to applying current law or warrant special tax preferred treatment.