Title Page

Abstract

Contents

List of Abbreviations 7

Chapter I. Introduction 8

1. Research Background 8

2. Research Scope and Method 12

Chapter II. Theoretical Background 13

1. Multiple Streams Framework 13

1.1. The Problem Stream 15

1.2. The Policy Stream 16

1.3. The Political Stream 17

1.4. Policy (Agenda) Window 18

1.5. Policy Entrepreneurs 19

2. Literature Review 23

2.1. Studies Using the MSF 23

2.2. Studies on Virtual Currency Taxation 32

3. Methodology 37

3.1. Research Subject and Scope 37

3.2. Research Framework 37

3.3. Research Method 38

Chapter III. Virtual Currency and Its Taxation 40

1. Virtual Currency and Tax Gap 40

2. Section 80603 of the Infrastructure Investment and Jobs Act 47

Chapter IV. Analysis of the Policy-Making Process of Section 80603 Using the Multiple Streams Framework 50

1. Increasing Reporting Requirements for Virtual Currency "Brokers" (Agenda-Setting) 50

1.1. Increase in Virtual Currency Tax Gap (The Problem Stream) 50

1.2. Advent of the Biden Administration (The Political Stream) 56

1.3. Policy Alternatives by Government Agencies (The Policy Stream) 58

1.4. Agenda Window: Opening from the Political Stream 62

1.5. Policy Entrepreneur: IRS Commissioner, Charles Rettig 63

2. Deciding Who Exactly Constitute "Brokers" (Decision-Making) 66

2.1. Problematic Definition of "Broker" in Section 80603 (The Problem Stream) 66

2.2. Senator Portman's Policy Proposal (The Policy Stream) 67

2.3. Stakeholders Supporting and Opposing an Amendment to the Original Draft of Section 80603 (The Political Stream) 69

2.4. Decision Window: Decision-Making Process in Senate and House 77

2.5. Political Entrepreneur 83

3. Policy Output 89

3.1. Revisiting the MSF Framework 89

3.2. Application of MSF Hypotheses to the Policy-Making of Section 80603 91

Chapter V. Conclusion 93

1. Summary of Findings 93

2. Policy Implications 94

2.1. Implications for Taxpayers 94

2.2. Implications for the IRS and the Government 95

2.3. Implications for the Cryptocurrency Exchanges 95

2.4. Implications for New Types of Virtual Currencies (Non-Fungible Tokens) 96

3. Limitations 96

Appendix 98

References 104

국문 초록 112