Crypto Tokens Would Get New Tax Benefits Under House Bill

A House panel with jurisdiction over tax policy is preparing legislation that would grant cryptocurrency holders greater flexibility in reporting gains on investments, a potential boon for the digital asset industry.

House Ways and Means Chairman Jason Smith has made establishing a framework for the taxation of digital assets a top priority for the committee, even as the Senate toils to pass market structure legislation.

The measures, viewed by Bloomberg News, would extend to digital assets holders benefits and safe harbors available to investors in traditional securities, while also subjecting cryptocurrencies to tax restrictions that already apply to traditional assets. ...