Is 0% Crypto Tax Coming? Everything About the U.S. House Hearing

The U.S. House is all set to hold a hearing today to explore how tax policy can help make America a global leader in digital assets. Titled “Making America the Crypto Capital of the World,” the focus is on building a modern tax policy that supports the growth of digital assets in the U.S.

0% Capital Gains Tax Rumors Spark Speculations

There are growing rumors on social media that a 0% capital gains tax could be proposed for U.S.-based tokens. If this is true, it could prove to be a game-changer, marking a huge shift for investors and could spark a massive rally in the crypto markets. 

However, there is no confirmation yet on a 0% capital gains tax. Users note that currently, there is no bill, draft, or official framework supporting this claim, and these are just speculations. The House hearing seems to be more about setting the stage for future crypto tax policy, rather than announcing immediate cuts. 

Sentiment Still Strong

But there is a lot of speculation online, and traders see this as a sign that the U.S. may finally be warming up to digital assets. This is mostly about a long-term framework. Many believe that tax clarity could be a major step towards mainstream adoption. 

Fox Business Journalist Eleanor Terrett shared in a recent update that the hearing on the “Digital Asset Tax Policy Framework” has been postponed. The House is out of session this week, and a new date is yet to be announced. 

• Also Read :
•   US Crypto Report Set for July 22, Eyes Bitcoin Reserve Without Taxpayer Burden
• ,

Senator Lummis Pushes for Clearer Crypto Tax Rules

Senator Cynthia Lummis introduced a new bill on Thursday, which is aimed at updating crypto tax rules, as Congress works toward clearer regulations for digital assets. She stressed that for the U.S. to remain a global leader, the tax system should make it easier, not harder, to use and innovate digital assets like crypto. 

The proposal aims to bring crypto tax rules in line with traditional finance and reduce unnecessary complexity. Key updates include exempting transactions under $300, excluding crypto lending from taxation, and deferring taxes on mining and staking rewards until the tokens are sold.

It also closes the wash sale loophole and allows traders to use mark-to-market accounting, like traditional asset tax rules. The bill is expected to raise around $600 million by 2034. Lummis is seeking public input to help get the bill to the President’s desk. 

FAQs