Crypto
U.S. unveils crypto tax overhaul proposal, sparking controversy over Bitcoin exclusion
The United States is moving to overhaul its cryptocurrency tax rules, with two members of the U.S. House of Representatives releasing a draft Digital Asset PARITY Act. The proposal would clarify tax treatment by amending the Internal Revenue Code. It would exempt capital gains on dollar-pegged stablecoins when price moves stay within 1 percent and waive tax and reporting duties for stablecoin transactions of $200 or less, though an annual cap is undecided. Bitcoin would not qualify for the exemption.
