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Is 0% Crypto Tax Coming? Everything About the U.S. House Hearing
The United States House of Representatives is set to hold a hearing today to explore how tax policy can help make America a global leader in digital assets. The focus lies on building a modern tax policy that supports the growth of digital assets within the country.
Recently, rumors have been circulating that there may be a possibility of implementing 0% capital gains tax for U.S.-based tokens. If this were to happen, it would have significant implications for investors and could lead to a massive rally in the crypto market. However, it is essential to note that these claims are merely speculations as of now, with no official framework or draft supporting the rumors.
The upcoming House hearing seems more focused on setting the stage for future crypto tax policy rather than announcing immediate changes. The fact that there is currently no bill, draft, or official framework supporting a 0% capital gains tax further solidifies these claims as mere speculation.
Despite this uncertainty, traders and market enthusiasts are still perked up with anticipation. Many believe that providing tax clarity could be a crucial step towards the mainstream adoption of digital assets. The event has been postponed due to the House being out of session for this week, and a new date will be announced shortly.
Notably, Senator Cynthia Lummis introduced a bill on Thursday aimed at updating crypto tax rules, working towards clearer regulations for digital assets. She emphasized that it is essential for the U.S. to become a global leader in digital assets and tax policy should not create unnecessary complexity for users.
The proposed bill aims to align crypto tax rules with those of traditional finance. The proposed updates include exempting transactions under $300 from taxation, excluding crypto lending from taxation, deferring taxes on mining and staking rewards until the tokens are sold, closing the wash sale loophole, allowing traders to use mark-to-market accounting similar to traditional asset tax rules.
The bill is expected to generate around $600 million by 2034. Senator Lummis encourages public input to help get the bill to the President’s desk.
Source: coinpedia.org
