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US lawmakers are pushing to include crypto assets in traditional “wash sale” rules, aiming to plug tax loopholes

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PANews July 28 news: CNBC reports that some U.S. members of Congress are pushing to include crypto assets in the traditional “wash sale” rule, closing a long-standing tax loophole. Under the current rules, investors in stocks and other securities who repurchase identical or “substantially similar” assets within 30 days before or after selling at a loss cannot claim that capital loss as a tax offset, but crypto assets such as Bitcoin and Ethereum are not covered because, in tax law, they are treated as “property,” enabling “tax-loss harvesting” without changing their holdings. Republican lawmaker Jodey Arrington has introduced the “Applying Existing Tax Anti-Abuse Rules to Digital Assets Act.” The Treasury previously estimated that if the wash sale rule were extended to digital assets, tax revenue could increase by nearly $24 billion over 10 years. Some investors holding crypto assets through securitized products such as Bitcoin ETFs are already subject to wash-sale restrictions.
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