#数字资产市场洞察 U.S. Congress members Max Miller and Steven Horsford have jointly launched a new framework for the taxation of encryption assets. The signal from this framework is very clear — the U.S. is now seriously considering incorporating encryption assets into the mainstream financial tax system, rather than leaving them in a gray area.

**Who will laugh?**

Stablecoins and the infrastructure for stablecoins are of primary importance. Small transactions of stablecoins under $200 are exempt from capital gains tax, which means that the authorities recognize stablecoins as payment tools rather than speculative products. This directly benefits compliant stablecoins like USDC, payment wallets, on-chain settlements, and cross-border remittance scenarios.

Secondly, there are compliant exchanges and market makers. The new framework allows for the accounting of quasi-securities based on market capitalization and clarifies the regulatory red line for "wash trading." In the short term, costs do indeed increase, but in the long run, it opens the green light for institutional investors, leading to increased trading depth and clearer valuation anchors.

Large-scale standardized PoS public chains also have their advantages. Staking profits can choose to defer taxes for five years, which means that the U.S. government has officially recognized for the first time that "unrealized gains should not be taxed immediately." The cash flow pressure on node operators and long-term stakers can indeed be alleviated to some extent.

**Who will cry?**

High-frequency short-term traders and tax arbitrage have basically come to an end. The loopholes in wash trading have been blocked, and the gray area for operations has significantly shrunk.

The daily payment story of non-stablecoins has also lost the market. Only stablecoins have small tax exemptions, while other currencies are still viewed as investment products, which puts projects aiming for payment purposes in a very awkward position.

Projects that rely on regulatory arbitrage to survive and have strong privacy will be fully incorporated into the securities or commodities tax framework. The "de-regulatory premium" slice of the pie will continue to be compressed.

**What do you think?**

This is not a "bull market favorable bill," but rather a turning point for industry institutionalization with stablecoins as the breakthrough. In the short term, it will suppress speculative tendencies, but in the long term, it will benefit compliant projects and infrastructure development. The industry must pay a price to mature, and this framework is, to some extent, also a ticket to continue developing within the U.S. ecosystem.