Senator Lummis’s amendment also sought to close loopholes such as crypto wash trading, which currently enable abusive tax-loss harvesting strategies, crypto lending and charitable contributions to modernize asset treatment

Quotes that support claims

The amendment might also address the wash-trading loophole lawmakers have sought for years to close. Under current rules, crypto investors can conduct a "tax-loss harvesting" strategy through strategically selling investments at a loss and immediately re-purchasing them.

The amendment pushed by Lummis, which hasn't yet come up for a vote, also addresses tax issues with crypto lending, wash sales and charitable contributions.