Lawmakers are continuing to work on the tricky issue of how digital assets should be taxed. Currently, certain tax aspects of these assets can create complex reporting challenges for taxpayers. U.S. Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) say they’re investigating key questions, including treatment of loans, wash sales, constructive sales and the timing and source of income earned from staking and mining. Two other senators, Kirstin Gillibrand (D-NY) and Cynthia Lummis (R-WY), are reintroducing the Responsible Financial Innovation Act, which includes several cryptocurrency provisions.
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