Proposed U.S. legislation would treat digital asset gains as ordinary income and impose wash sale rules on crypto trades.
The U.S. House Ways and Means Committee has released draft legislation altering tax reporting for digital assets like Bitcoin. The proposal delays taxation on tokens from mining or staking until sale, treating gains as ordinary income rather than capital gains.
The draft includes wash sale restrictions for crypto, aligning it with securities rules, and allows professional traders to use mark-to-market tax regimes. Stablecoins would also face new reporting requirements under the proposed changes. BTC trades at $62,400, down from its $126,000 peak.
The legislation remains in early stages, with no immediate market reaction reported.