US House Drafts Tax Safe Harbor for Stablecoins and Crypto Staking, Clarifies Tax Rules

Deep News12-22 09:21

Bipartisan lawmakers in the House are collaborating on a cryptocurrency tax framework that would establish a safe harbor for certain stablecoin transactions and defer taxation on rewards earned from validating blockchain transactions.

While broader digital asset regulation remains under negotiation, the crypto industry continues to push for legislative clarity on tax treatment. Republican Representative Max Miller of Ohio and Democratic Representative Steven Horsford of Nevada have responded by drafting a proposal to align cryptocurrency taxation with traditional securities.

The draft outlines policy objectives, including exempting capital gains taxes for regulated stablecoin transactions where the value remains consistently between $0.99 and $1.01.

Additionally, the proposal seeks to create safe harbor rules for the distribution and handling of staking and mining rewards related to blockchain transaction validation.

The framework also integrates cryptocurrencies into the existing tax system covering securities and certain commodity trades. Foreign investors conducting securities transactions through domestic third parties (such as brokers or exchanges) and securities lending investors currently exempt from capital gains taxes would see those benefits extended to digital assets.

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