Stablecoins are treated as cash, but the calculation of DeFi yield taxes has not been clearly explained yet.

Crypto World News reports that the U.S. House of Representatives has introduced a Digital Asset Tax Relief Act, requiring the IRS to review tax relief for small crypto transactions. The bill is called the "Affordable Act," jointly proposed on May 19 by Representatives Steven Horsford, Mark Miller, Suzanne DelBene, and Mike Carey, aiming to establish clearer tax rules for digital assets. Horsford's office stated that the proposal focuses on manageable standards, consumer protection, abuse control, and providing clearer rules for investors and businesses. The bill also includes provisions for stablecoins, ensuring that digital dollars are treated as cash for tax purposes, while increasing controls over trading and arbitrage abuse. The introduction of this bill comes at a time when Congress is reviewing multiple measures related to digital assets.