Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto: US lawmakers are proposing a tax exemption for stablecoin payments of up to $200, crypto market participants aren’t fearful enough yet to call a market bottom. Meanwhile, Bitcoin maximalist and analyst warns investors not to sell BTC for gold.
US lawmakers have introduced a discussion draft that would ease the tax burden on everyday crypto users by exempting small stablecoin transactions from capital gains taxes and offering a new deferral option for staking and mining rewards.
The proposal, introduced by Representatives Max Miller of Ohio and Steven Horsford of Nevada, seeks to amend the Internal Revenue Code to reflect the growing use of digital assets in payments. The draft is set “to eliminate low-value gain recognition arising from routine consumer payment use of regulated payment stablecoins,” per the draft.
