Overview
- Representatives Max Miller and Steven Horsford unveiled a bipartisan framework within House Ways and Means to modernize digital-asset taxation.
- Transfers using regulated, dollar‑pegged stablecoins under $200 would not trigger capital gains tax, easing reporting for small payments.
- Taxpayers could elect to defer recognition of staking and mining rewards for up to five years, with amounts taxed as ordinary income at the end of the deferral.
- Eligible traders could adopt mark‑to‑market accounting, and wash‑sale restrictions would be extended to cryptocurrencies to align with securities rules.
- Guardrails would exclude professional traders, allow suspension of the stablecoin relief if a coin loses its $1 peg, preserve Treasury anti‑abuse authority, and extend certain capital‑gains exemptions to foreign investors using U.S. intermediaries.