House Democrats’ Tax Plan Reaches Crypto With New Rules

The mainstream adoption of Bitcoin and digital assets has been one of the most important goals that the crypto industry has set.

There have been a lot of moves made in this direction, and things continue to go on the right path.

Bitcoin and crypto have been making headlines in the mainstream media for a long time now. Bloomberg just dropped another new article on crypto, which is titled “House Democrats’ Tax Plan Hits Crypto With New Rules, Again.”

Check out the relevant tweet as well:

House Democrats released a package of proposed tax increases, including a provision that would close a popular loophole that some crypto investors use to defer capital-gains taxes https://t.co/ALTts8MKh2

— Bloomberg Markets (@markets) September 13, 2021

Someone commented: “All the smart investors are banking in other countries.
They can try and do what they want, but the Billionaires will no longer be Banking or Investing in America. I will make sure to avoid any “New Tax to Cryptocurrency” They can’t control money while not even investing in it.”

The Block Crypto also dropped a piece on the subject.

A Ways and Means explainer document obtained by The Block mentions the wash sale rule and its application to cryptos. It notes the following:

“This section includes commodities, currencies, and digital assets in the wash sale rule, an antiabuse rule previously applicable to stock and other securities.”

The notes say the following:

“The wash sale rule in section 1091 prevents taxpayers from claiming tax losses while retaining an interest in the loss asset. The amendments made by this section apply to taxable years beginning after December 31, 2021.”

Stay tuned for more news, and make sure to keep your eyes on the crypto market. The prices are slowly starting to recover as you will see for yourselves.