Is The Bill "Capital Gains Inflation Relief Act of 2023" Crypto Friendly?

This bill is highly beneficial for the crypto industry as it provides a clear and favorable tax treatment for digital assets. By allowing for the indexing of a digital asset's cost basis to account for inflation, it reduces the effective capital gains tax burden on long-term holders, ensuring they are taxed only on real gains. The explicit inclusion and definition of "digital assets" within federal tax law also contribute significantly to regulatory clarity, reducing ambiguity for investors and builders. This measure incentivizes long-term investment in digital assets, potentially fostering greater adoption and stability within the crypto market. The three-year holding period encourages HODLing rather than short-term speculation, while the documentation requirement is a standard compliance aspect.