US Lawmakers Reintroduce Fairness Act to Advance Crypto Tax Reform

A bipartisan group of US lawmakers has reintroduced a bill aimed at advancing crypto tax reform in the country.

The Fairness Act, as it is known, seeks to clarify several key aspects of how taxes are applied to digital assets. This includes the treatment of payment stablecoins and the 'wash sale' rule, which can be complex and confusing for taxpayers.

The bill also requires the IRS to study the feasibility of exempting small transactions from taxation. This exemption is seen as a potential way to promote wider adoption of cryptocurrencies by making them more appealing for everyday use.