Bipartisan Bill Aims To Ease Crypto Tax Rules For Staking And Stablecoins
A new draft bill called the Clarity Act has been introduced in the US Congress to reform tax rules for digital assets. The proposal marks the first formal effort by the House Ways and Means Committee to address crypto-specific taxation. Senators Cynthia Lummis and Kirsten Gillibrand led the bill, with additional support from lawmakers pushing related anti-scam measures.
The bill includes several key changes to how cryptocurrencies are taxed. One major provision extends wash sale rules to digital assets, closing a loophole that allowed investors to claim tax losses while repurchasing the same asset. Another measure would exempt stablecoin transactions under $200 from capital gains tax, simplifying small payments.
For miners and stakers, the proposal introduces a five-year tax deferral on rewards. Under this rule, earnings from staking or mining would only be taxed as ordinary income after half a decade. The bill also pushes for *mark-to-market* accounting, treating cryptocurrencies like traditional securities for tax purposes. Beyond the *Clarity Act*, other senators—including Elissa Slotkin and Jerry Moran—have put forward separate bills targeting crypto scams. These efforts reflect broader bipartisan interest in regulating the digital asset space.
If passed, the Clarity Act would reshape how cryptocurrencies are taxed in the US. The proposed rules on wash sales, stablecoin exemptions, and deferred taxation for mining could bring crypto taxation closer to traditional financial markets. Lawmakers now face debates over whether these changes will balance investor protections with industry growth.
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