H.R. 8899, Cryptocurrency Tax Carve-Out. Quorum's AI analysis reads it as a net cost — and names who bears it.
H.R. 8899 · Net cost
What it does
This bill creates a comprehensive tax framework for digital assets (cryptocurrencies and blockchain-based tokens), establishing preferential tax treatment for stablecoins, traders, and validators. It exempts regulated stablecoins from capital gains tax unless losses exceed 1%, allows traders to mark digital assets to market annually, permits validators to defer income from newly created assets, and simplifies charitable donation rules for digital assets. The primary beneficiaries are cryptocurrency traders, staking validators, and digital asset platforms; ordinary taxpayers gain only a study on potential relief for small transactions.
The analysis names cryptocurrency exchanges and trading platforms — and 5 more groups — among the beneficiaries.
The cost
The 1% basis threshold for stablecoins (Section 2) effectively exempts most stablecoin trades from any capital gains tax, creating a tax-free trading vehicle unavailable to stock or bond traders.
The analysis put a high warning level on this bill. Transparency scores 35%, and the analysis found no provisions unrelated to the bill's subject.
Who is behind it
Filed by Max Miller. Cosponsored by Mike Carey, Steven Horsford and Suzan DelBene.