PANews reported on December 21 that, according to The Block, Representatives Max Miller (Republican, Ohio) and Steven Horsford (Democrat, Nevada) are drafting aPANews reported on December 21 that, according to The Block, Representatives Max Miller (Republican, Ohio) and Steven Horsford (Democrat, Nevada) are drafting a
US House members from both parties have drafted a bill on crypto taxation, which includes tax exemption for stablecoins and deferred taxation for staking and mining rewards.
PANews reported on December 21 that, according to The Block, Representatives Max Miller (Republican, Ohio) and Steven Horsford (Democrat, Nevada) are drafting a cryptocurrency tax bill called the "Digital Asset PARITY Act." This draft would provide tax breaks for certain stablecoin transactions and defer taxation on rewards earned from validating blockchain exchanges. The bill would exempt capital gains tax on stablecoin transactions under $200. As a compromise between current IRS guidance and industry demands, taxpayers could choose to defer taxes on staking and mining earnings for five years, after which they would be taxed as ordinary income at fair market value. The bill extends wash-sell rules (preventing investors from selling at a loss and immediately repurchasing to claim tax credits) to digital assets and allows traders to use market capitalization for accounting.
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