United States of America: Proposed expansion of wash sale rules to digital currencies

On 9 March 2023, US President Joseph Biden unveiled his Budget Proposal for 2024. One of the proposals is to expand the wash sale rules in Section 1091 of the Internal Revenue Code to digital currencies. For tax purposes, the sale of digital currencies would not be counted as a loss if substantially the same assets are purchased within a 30 day period before or after the claimed loss.