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Bipartisan Crypto Tax Bill Targets Stablecoins and Staking Income
Bipartisan Crypto Tax Bill Targets Stablecoins and Staking Income
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BTCCSquare news:
Republican Representative Max Miller of Ohio and Democratic Representative Steven Horsford of Nevada are drafting legislation to exempt small stablecoin transactions from capital gains taxes. The bill, focused on payments under $200, marks the first congressional effort to address crypto taxation since stablecoins gained regulatory clarity.
The lawmakers argue current tax codes fail to reflect crypto's real-world use. "America’s tax code has failed to keep pace with modern financial technology," Miller said. The proposal excludes other cryptocurrency transactions and trading activity, maintaining narrow scope to advance through the House Ways and Means Committee.
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