The U.S. Congress just tossed a sweet treat to the crypto world—while a thorn is wrapped inside the candy wrapper.
On September 30, Republican Senator Daines unveiled a 56-page “ADAPT Act”: compliant stablecoins can be used to buy things, and gas fees under $10 will no longer need to be calculated for capital gains tax.
But in the very same bill, the long-used crypto tax dodge—“selling at a loss and immediately buying back”—is directly blocked by the wash-sale rules.
What’s interesting is this: just two weeks ago, the Senate—along party lines—voted down the Clarity Market Structure Act. Since the regulators couldn’t stop it, the Republicans changed course: keep the crypto business in the U.S. through tax cuts.
On one hand, they’re handing out candy while setting new rules on the other. Do you think the U.S. is striking a deal with the crypto industry—or moving to absorb it? Which side are you on?
#cryptocurrency
On September 30, Republican Senator Daines unveiled a 56-page “ADAPT Act”: compliant stablecoins can be used to buy things, and gas fees under $10 will no longer need to be calculated for capital gains tax.
But in the very same bill, the long-used crypto tax dodge—“selling at a loss and immediately buying back”—is directly blocked by the wash-sale rules.
What’s interesting is this: just two weeks ago, the Senate—along party lines—voted down the Clarity Market Structure Act. Since the regulators couldn’t stop it, the Republicans changed course: keep the crypto business in the U.S. through tax cuts.
On one hand, they’re handing out candy while setting new rules on the other. Do you think the U.S. is striking a deal with the crypto industry—or moving to absorb it? Which side are you on?
#cryptocurrency