A bipartisan group in the US House of Representatives is developing a cryptocurrency tax framework. The framework will provide a “safe haven” for some stablecoin transactions and defer taxation of rewards earned by verifying blockchain transactions. The draft suggests that stablecoin transactions involving regulated, dollar-linked stablecoins worth less than $200 will be exempt from capital gains tax; at the same time, taxpayers can choose to defer the tax of the rewards by five years. The proposal would include cryptocurrencies in the tax regime governing securities and allow cryptocurrency traders to use a “market-per-capitalization” accounting treatment.

A bipartisan group in the US House of Representatives is developing a cryptocurrency tax framework. The framework will provide a “safe haven” for some stablecoin transactions and defer taxation of rewards earned by verifying blockchain transactions. The draft suggests that stablecoin transactions involving regulated, dollar-linked stablecoins worth less than $200 will be exempt from capital gains tax; at the same time, taxpayers can choose to defer the tax of the rewards by five years. The proposal would include cryptocurrencies in the tax regime governing securities and allow cryptocurrency traders to use a “market-per-capitalization” accounting treatment.