Senator Daines drafts crypto tax bill exempting small payments
- —The 56-page draft is still being circulated and has no Senate bill number
- —Small everyday crypto purchases would be exempt from tax and reporting
- —Staking rewards in IRAs would be shielded from UBTI tax
- —The House Ways and Means Committee passed a similar bill, H.R. 10357, on Sept. 16
Why it matters: The House and Senate are converging on exempting small crypto payments, which would cut the tax burden on real-world crypto use, though passage remains distant.
Source: Siam Blockchain