Rep. Arrington Proposes Closing Crypto Tax Loopholes with New Wash Sale Rules
This bill was recently introduced and is currently being reviewed by the House Committee on Ways and Means. It is in the early stages of the legislative process and has no upcoming votes scheduled at this time. The bill is considered active as it waits for further consideration by the committee.
Tax bills usually need broad support to move forward. While this addresses a known issue, it is currently a single-party proposal in the early stages of the process.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Small businesses that hold or trade digital assets as part of their operations will need to track wash sale and constructive sale rules for crypto transactions, adding compliance complexity. However, the transition period for broker reporting through January 1, 2028, gives businesses time to update their accounting systems. Businesses dealing in qualified U.S. dollar stablecoins are exempt, reducing burden for those using stablecoins for payments.
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
No votes or related bills recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Applying Existing Tax Anti-Abuse Rules to Digital Assets Act
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