In a surprising development, the United States Treasury has moved to exempt Bitcoin and certain cryptocurrencies from the proposed 15% crypto tax levied on unrealized gains by the Capital Assets Mark-to-Market (CAMT) laws. The move comes amid growing backlash over the potential burden of the crypto tax rule on long-term holders and the growing crypto industry. According to public reports, the Treasury’s revised guidance would exclude Bitcoin and other major crypto assets from automatic mark-to-market taxation. This will effectively protect investors from having to pay tax on paper gains every year. The CAMT proposal, ... (full story)