XRP
US Senate Crypto Tax Bill Targets Small Stablecoin Transactions and Wash-Sale Rules
Legislation introduced in the US Senate proposes tax-free minor stablecoin payments and limits tax-loss harvesting for assets including XRP and Bitcoin.
Senator Steve Daines of Montana has introduced a comprehensive 56-page tax bill that would exempt small stablecoin purchases from federal taxation while ending wash-sale tax deductions for cryptocurrencies like XRP and Bitcoin. The legislative proposal is co-sponsored by Senate Banking Committee Chair Tim Scott, alongside Senators Cynthia Lummis and Bernie Moreno.
Currently, the IRS categorizes digital assets as property, requiring taxpayers to calculate and report gains on transactions even when stablecoin prices change by small fractions of a cent. The Senate draft proposes a de minimis rule to eliminate reporting obligations on minor payments, addressing transactions in an ecosystem where USDT and USDC hold a combined market value approaching $260 billion.
The proposal arrives alongside a competing framework from the House Ways and Means Committee, designated H.R. 10357. The House bill includes a $10 de minimis exemption specifically for network fees, sets an effective date in 2028, caps eligibility at 5,000 annual transfers, and taxes mining and staking rewards as ordinary income, requiring lawmakers from both chambers to reconcile differing approaches.
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