According to Foresight News and Bloomberg, Ohio Republican Representative Max Miller and Nevada Democratic Representative Steven Horsford have released a draft cryptocurrency tax bill called the "Digital Asset Equality Act." This bill would exempt stablecoin transactions below $200 from capital gains tax and, as a compromise between current IRS guidance and industry requirements, would offer a five-year tax deferral option for staking and mining rewards.
The draft law extends several securities tax rules, including "wash sales," to digital assets, and also extends the tax principles of securities lending to eligible digital asset loans, making cryptocurrency lending tax-exempt.
