Bill would exempt major cryptocurrencies from charity appraisal rule

What does this do?

HR 9173 would exempt certain widely traded digital assets from the rule requiring a paid appraisal for charitable donations of property valued over $5,000. This exemption already applies to publicly traded stocks and would extend to qualifying digital assets beginning in 2027. To qualify, a digital asset must have been publicly traded for at least one full year, maintained a market value above $500 million for most of that year, and the donor must own or control no more than 10% of the total supply.

Who does it affect?

The bill most directly affects people who own large amounts of widely traded cryptocurrency and wish to donate it to a nonprofit or charity. Charities that accept digital asset donations are also affected.

Why does it matter?

Removing the appraisal requirement would make donating qualifying digital assets to charity simpler and less expensive. The Treasury Department is given authority to adjust the rules over time to address potential abuse, price manipulation, or market changes.

Where does it stand?