U.S. lawmakers are pushing to eliminate a tax advantage for cryptocurrency investors estimated to be worth billions of dollars annually. This loophole allows crypto holders to claim deductions for capital losses without divesting their assets, unlike stock investors who are subject to wash sale rules. Republican Rep. Jodey Arrington introduced legislation in June that would subject digital asset transactions to wash sale rules. The Treasury Department estimates that applying wash sale rules to digital assets would raise nearly $24 billion over a decade. This effort has rare bipartisan support, with Democrats having attempted a similar approach during the pandemic era.
Source: Read the original article
