US Authorities Are Working to Eliminate This Crypto Tax Loophole

The chief tax-writing committee of the United States House of Representatives, the Ways and Means Committee has proposed to include the wash trade law to the controversial crypto clause in the U.S. Infrastructure bill. Last month, the Ways and Means Committee published a summary report, adding cryptocurrency to the list of entities that come under the wash sale rule. While wash trading is the most popular loophole for traders to prevent paying massive taxes on their profits, but it may soon be taken away from them if the Ways and Means Committee proposal is passed.