BREAKING: A major U.S. crypto tax update has been introduced in the Senate, according to Politico.

Republican Senator Steve Daines has unveiled a 56-page bill aimed at modernizing how digital assets are taxed.

The proposal includes:

A tax exemption for small stablecoin purchases

New wash-sale rules for crypto

Changes designed to simplify digital asset tax compliance

The bill is also backed by Senate Banking Chair Tim Scott, Senator Cynthia Lummis, and Senator Bernie Moreno.

If it becomes law, using stablecoins for everyday payments in the U.S. could become much simpler.

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