Senate Republicans Introduce Major Crypto Tax Modernization Bill

Senate Republicans Introduce Major Crypto Tax Modernization Bill
Republican Senator Steve Daines has introduced a comprehensive 56-page bill in the Senate aimed at modernizing the U.S. tax code for digital assets, according to Politico.
The proposed legislation introduces several major structural updates to digital asset taxation:
* Implements a tax exemption for small, everyday purchases made using qualifying U.S. dollar-based stablecoins.
* Establishes new wash-sale rules for digital assets to prevent artificial tax-loss harvesting, aligning crypto closer to traditional equities.
* Simplifies overall digital asset tax compliance and clarifies reporting requirements.
The legislative package features key backing from Senate Banking Chair Tim Scott, as well as Senators Cynthia Lummis and Bernie Moreno.
If passed, the framework could significantly ease everyday payment use cases for stablecoins while closing long-standing tax loopholes.