Congress is coming for crypto’s last real tax advantage
Crypto has one real tax edge over stocks. Congress moved to kill it.
Crypto investors have had one tax advantage stocks never got. Sell at a loss, buy the same coin straight back, and still claim the loss. The House Ways and Means bill marked up Wednesday would extend the 30-day wash sale rule to digital assets and end that.
Scott Melker’s read is that the same bill hands back something smaller, a $10 exemption on network fees, and that the trade is not obviously in holders’ favor.
He also covers today’s cloture vote, a separate bill to lock the government’s Bitcoin away for 20 years, and Broadridge wiring crypto into the systems advisors already use.
Timestamps
0:00 Cloture day, and what the vote actually is
2:04 Mitch McConnell shows up
2:48 Why cloture is not the bill passing
4:07 The Democrats’ counter gets rejected
5:41 The House crypto tax bill
7:34 The wash sale loophole closes
8:07 The Strategic Bitcoin Reserve bill
10:07 A rate hike, and yields at 5%
12:51 Broadridge plugs crypto into Wall Street’s plumbing
#Bitcoin #Crypto #CryptoTax #IRS #ClarityAct #YahooFinance #ScottMelker #DailyWolf
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