White House · US Congress · Cynthia Lummis · The Block
Next up, taxes: Crypto tax legislation circulated ahead of House Ways and Means Committee hearing next week
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As cryptocurrency-related bills from regulating stablecoins to the market as a whole take center stage in Washington, now comes how to tax those assets.
Key facts
- We're encouraged to see the suite of discussion drafts released by the House Ways & Means Committee," Carbone said in a statement
- The Digital Chamber CEO Cody Carbone said the crypto advocacy group looks forward to working with lawmakers to " strengthen the drafts and deliver the tax clarity and fairness digital assets deserve
- Ahead of a hearing next week to discuss crypto taxation, seven bill proposals are floating from the House Ways and Means Committee that would tackle issues on how to tax stablecoins, staking
- Proposals from the House Ways and Means Committee would set de minimis limits for network fees and would also simplify accounting for gains and losses, according to the draft text
Summary
Ahead of a hearing next week to discuss crypto taxation, seven bill proposals are floating from the House Ways and Means Committee that would tackle issues on how to tax stablecoins, staking to mining, and also decrease tax demands for certain transactions. The Digital Chamber CEO Cody Carbone said the crypto advocacy group looks forward to working with lawmakers to " strengthen the drafts and deliver the tax clarity and fairness digital assets deserve. "They're encouraged to see the suite of discussion drafts released by the House Ways & Means Committee," Carbone said in a statement. Over the past year, Congress has focused heavily on crypto regulation.