The US Congress is once again pushing a bill to close cryptocurrency tax loopholes.
Foresight News reported, according to CNBC, that Republican Congressman Jodey Arrington introduced the “Applying Existing Tax Anti-Abuse Rules to Digital Assets Act” in June, aiming to expand the “wash sale” rule to digital assets. According to a 2024 estimate by the U.S. Treasury Department, closing this loophole could increase tax revenues by nearly $24 billion over 10 years. Experts believe this move demonstrates potential bipartisan momentum in the field of tax reform, but the likelihood of the legislation passing in the short term is low.
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