The U.S. House proposal seeks a tax "safe harbor" for stablecoins and cryptocurrency staking

A bipartisan pair in the U.S. House of Representatives is crafting a cryptocurrency tax framework. This framework will provide a "safe harbor" for certain stablecoin transactions and delay taxation on rewards obtained through verified blockchain transactions (staking rewards). The draft proposal suggests that transactions involving regulated, dollar-pegged stablecoins valued at less than $200 will be exempt from capital gains tax; at the same time, taxpayers will have the option to defer the tax on rewards for five years. This proposal will incorporate cryptocurrencies into the tax regime governing securities (and in some cases, commodity transactions) and allow cryptocurrency traders to use the "mark-to-market" accounting method