Applying Existing Tax Anti-Abuse Rules to Digital Assets Act

This bill would change federal tax law so that the wash sale rule, which limits tax deductions for losses when a person sells an investment and buys a substantially identical one within 30 days, applies to digital assets such as cryptocurrency, not just stocks and securities. It would also apply constructive sale rules, which can treat certain hedging transactions as sales for tax purposes, to digital assets. Qualified U.S. dollar stablecoins would be excluded from both sets of rules, and digital assets acquired through validating transactions, such as staking or mining, would be exempt from the wash sale rule. The bill adds tax definitions for digital assets and related terms, and allows brokers to report a customer's basis on digital asset sales before January 1, 2028 without applying the wash sale rule.

Full text and official record on Congress.gov

Sponsors

• Jodey C. Arrington Republican sponsor
• 0 cosponsors