Application of registration-required obligation rules

(a) Exception for qualified U.S. dollar stablecoins Section 163(f)(2)(A) of the Internal Revenue Code of 1986 is amended— (1) by striking or at the end of clause (ii), (2) by striking the period at the end of clause (iii) and inserting, or, and (3) by adding at the end the following new clause: (iv) is a qualified U.S. dollar stablecoin.. (b) Clarification of treatment of digital assets Section 4701 of such Code is amended by adding at the end the following new subsection: (c) Digital assets (1) Location of disclosure statement In the case of any digital asset, the requirement of clause (iii) of subsection (b)(1)(B) shall be treated as satisfied if the statement described therein is included in all written terms or marketing materials with respect to such digital asset and in such other locations or documents as the Secretary may prescribe in regulations. (2) Treatment of digital assets without a fixed maturity date In the case of any digital asset that does not have a fixed maturity date at issue, the date of maturity of such asset for purposes of subsection (a)(2) shall be treated as the date that is 25 years after the date of issuance of such digital asset.. (c) Effective date (1) In general Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years ending after the date of enactment of this Act. (2) Clarification of treatment of digital assets without a fixed maturity date The amendment made by subsection (b) shall apply to digital assets issued after the date of enactment of this Act.