Daines Unveils Crypto Tax Plan With Stablecoin Payment Relief and Trading Curbs
- —Section 2 excludes gains and losses on stablecoin payments when the token was acquired within 3% of $1
- —Section 11 grants nonrecognition for disposals covering transaction costs up to $10 in aggregate
- —Wash-sale and constructive-sale rules would extend to digital assets, with exceptions for qualified stablecoins
- —Co-sponsors include Cynthia Lummis, Bernie Moreno and Tim Scott; the bill sits with the Senate Finance Committee
Why it matters: If passed, the bill would simplify tax reporting for stablecoin payments while closing loss-harvesting strategies for crypto traders.
Source: Bitcoin Insider