Crypto Bill’s Tax Measures Answer Many of Industry’s Demands

Tax measures included in a sweeping US crypto bill introduced this week would go a long way toward clarifying how the IRS treats digital assets and hand industry much of what it has been seeking, tax experts say.

The measures are included in broad-ranging legislation introduced Tuesday by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) that aims to finally bring consistent regulation to the young and volatile asset class. They address the de minimis tax exemption for small transactions and clarify the definition of a broker for tax information reporting. They also address staking, mining, and airdrops—key areas ...