US House Ways and Means Committee Proposes Tax Exemption for Crypto Trades Under $10

The US House Ways and Means Committee has proposed legislation (H.R. 10357) that would exempt cryptocurrency trades under $10 from taxation, according to Bitcoin.com. However, users who exceeded 5,000 asset transfers in the previous year will be excluded from this exemption. A separate bill also aims to address 'wash sales' by prohibiting the immediate repurchase of sold cryptocurrencies to claim tax deductions on losses.