Bipartisan Bill in the US House of Representatives: Tax Exemption for Small Stablecoin Transactions and Deferral for Mining

In Washington, a new initiative is gaining momentum that could significantly ease the tax burden on cryptocurrency users. Members of the US House of Representatives, Republican Max Miller from Ohio and Democrat Steven Horsford from Nevada, are developing a bipartisan bill that provides an exemption from capital gains tax for stablecoin transactions under $200. Additionally, the document proposes a five-year deferral of tax payments on income from staking and mining, after which rewards will be taxed as ordinary income at fair market value.

This proposal is a response to long-standing complaints from the crypto industry about the lack of clear tax rules.

According to Miller, "the American tax code is not keeping up with modern financial technologies."

The bill focuses specifically on regulated dollar-pegged stablecoins and does not apply to other cryptocurrencies, such as Bitcoin. This decision is explained by the fact that stablecoins already have some regulatory foundation in Congress.

In addition to the main provisions, the bill includes other reforms: aligning cryptocurrency taxation with traditional securities and commodities, exemptions for foreigners trading through US intermediaries, as well as the option for annual mark-to-market for traders. It also provides restrictions on "wash sales" for digital assets to close loopholes for deferring taxes.

Context and Similar Initiatives

This initiative is not the first attempt to simplify crypto taxes. In July 2025, Republican Senator Cynthia Lummis proposed a similar bill with a higher exemption threshold of $300 and a limit of $5,000 on annual profits to avoid abuse. Analysts from the Blockchain Policy Institute (BPI) warn that current discussions on "de minimis" exemptions may only apply to stablecoins, excluding Bitcoin and other volatile assets.

According to sources, the Miller and Horsford proposal is a compromise: it does not eliminate taxes on staking rewards (unlike some Republican ideas), but allows deferral, which differs from the current IRS policy that taxes rewards immediately upon receipt.

Potential Impact on the Market

Experts believe that the adoption of such a law could stimulate mass adoption of stablecoins for everyday payments, reducing bureaucracy for small transactions. This is particularly relevant for the DeFi sector and mining, where taxes often become a barrier. However, critics fear that the $200 limit may be insufficient for significant operations and call for broader exemptions.

The bill has not yet been officially introduced, but the authors hope for cooperation in the Ways and Means Committee. If it passes, it will be an important step toward integrating cryptocurrencies into the traditional US financial system.