A new report from the Institute on Taxation and Economic Policy (ITEP) has urged Congress to reject special tax breaks for cryptocurrency, arguing they would primarily benefit wealthy investors and undermine federal revenue.
The report, titled 'Crypto Tax Breaks: A Bad Deal for American Taxpayers,' directly challenges recent legislative proposals that would treat digital assets more favorably under U.S. tax law.
The ITEP report argues that current tax exemptions are unnecessary because the existing tax code already accommodates digital asset transactions.