$16 billion US lawmakers want cryptocurrency holders 

Democrats can lobby both sides of the world for regulatory change for cryptocurrency.

While in South Korea, cryptocurrency communities can see their crypto tax threshold rise, politicians in the United States want to extract several billion dollars from coin holders.

US lawmakers from the ruling Democratic Party have launched a legal bid to plug crypto loopholes, which they believe will allow traders to write off losses by selling tokens at lower prices, and buying the same type of coin again within the next 30 days.

They also want to make sure that the people who buy compensating positions, deliver capital gains ads.

The proposal was detailed in a proposal from the Congressional Ways and Means Committee, a body chaired by Democrat Richard Neal .

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Where the government can, according to calculations conducted by the Washington Post of Washington Post , to fill up their coffers by about 16 billion dollars in tax revenues, if the adoption of this step.

The authors of the proposal wrote that the current rules “prevent taxpayers from retaining investment gains, without realizing taxable gains , ” and they wrote about the need to “embed digital assets,” in the so-called “sale laundering” rule , an “anti-abuse rule.” Previously, which applies to stocks and other securities .

“The wash-sale rule prevents taxpayers from claiming tax losses, while retaining the interest on the forfeiting asset.”

The authors pointed out , they hope to apply the changes to "taxable years beginning after December 31 / December 2021" .

While Coin Tracker co-founder and head of tax strategy , Shehan Chandrasekera , noted that the committee was trying to “close a major tax loophole in the crypto space . ”

While some were reticent, as it appeared from the discussions on Reddit Reddit , where commentators said they "know" that the gap "will end soon" .

One commentator noted, that this is a sign that politicians are now “treating cryptocurrencies like stocks . ”

Another, more optimistic, wrote:

“If market rules are applied to cryptocurrencies, we will go to the moon, perhaps the best possible outcome for the industry.”

Notably, there are signs in South Korea that the Democratic Party could make a drastic change of late, with reports that its crypto task force has been considering changes to upcoming crypto tax rules.

Traders also face capital gains tax rates of 20 % on all cryptocurrency earnings over $ 2,100 annually, as of January 2022 .

The new tax base has been described as "unfair" , as the thresholds for stock traders are several times higher.

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Whereas current tax law means, stock traders must pay a similar capital gains tax of 20 % if their annual earnings exceed $ 42,000 , provided they invest in companies listed on KOSDAQ .

The upcoming crypto-tax law has been blamed for the Democratic Party's poor performance in opinion polls ahead of the March presidential election.

As News1 reported , the task force has held a meeting on the matter, and that it will "discuss ways to further institutionalize crypto assets . "

The team noted that the ruling party “agreed that the issue of capital gains tax should be re-discussed” in the cryptocurrency sector, claiming that the matter was “ still open . ”

The members of the working group concluded by saying that they would seek the government's opinion, and then inform the public.