Sponsors
11 Republican
Mike Kelly JrPA-16
This legislation exempts widely traded digital assets from the qualified appraisal requirements typically required for high-value charitable tax deductions, treating them similarly to publicly traded securities. It establishes clear tax definitions for digital assets, wrapped assets, and stablecoins under the Internal Revenue Code, while granting the Treasury Secretary authority to prevent abuse and adjust requirements based on market conditions.
This legislation is highly favorable for the crypto industry as it removes a significant administrative and financial barrier to donating digital assets. Currently, taxpayers donating cryptocurrency valued over $5,000 must obtain an expensive qualified appraisal, which is unnecessary for highly liquid assets with public price feeds. By exempting assets with a market capitalization over $500,000,000 and readily available exchange quotations, the bill treats major digital assets like publicly traded stocks. Furthermore, the bill introduces clear, sensible definitions for digital assets, wrapped assets, and stablecoins into the tax code. Crucially, it references the GENIUS Act to define qualified stablecoins and allows the Treasury to treat qualified U.S. dollar stablecoins as actual dollars, simplifying transactions and reducing tax complexity. This integration provides strong regulatory clarity, legitimizes digital assets as a mainstream philanthropic tool, and is expected to drive substantial capital inflows into charitable causes from crypto holders without unnecessary friction.
Every member who has sponsored, cosponsored or voted on this bill. Pick a vote to see how each member voted on it, or narrow by party, name or state.
1 Republican