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Encouraging to see this administration unwind second-class treatment of digital assets in the tax code. Next step: fix rules so that net-gain-zero stablecoin transactions don’t trigger pointless reporting.
Oct 1, 07:37
The Trump administration’s Treasury just delivered for American innovation—fixing the CAMT problem that threatened unrealized gains on Bitcoin.
This leadership clears the way for the U.S. to become the world’s #Bitcoin superpower. 🇺🇸
Thank you @USTreasury & @realDonaldTrump.
Today, even if you swap $1 of USDC for $1 of USDT — or buy a coffee with stablecoins — the IRS treats it as a taxable event. That means consumers, in theory, may have to file a Form 8949 just to show they bought a latte.
Waste of taxpayer time. Extra paperwork for the government. Zero policy upside.
Crypto tax rules should be smart and targeted: tax real gains, not frictionless dollar-for-dollar transactions. Until this is fixed, the code will keep the everyday consumer use of stablecoins at arm's length.
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