White House · US Senate · CLARITY Act · The Block
‘Third leg of the stool:’ House lawmakers set to debate crypto tax bills as questions still loom
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Lawmakers are set to debate several cryptocurrency tax bills Tuesday afternoon amid growing questions over how tax rules should apply to digital assets and whether the measures can attract bipartisan support.
Key facts
- The House Ways and Means Committee, the primary tax-writing panel in the House, is set to hold a hearing at 2 p.m
- Tax experts, including Coinbase Vice President of Tax Lawrence Zlatkin, Fidelity Investments Vice President and Senior Tax Counsel Sarah Reilly, Coin Center Director of Policy Jason Somensatto
- Alison Mangiero, chief strategy officer and head of U.S. policy at the Crypto Council for Innovation, called tax policy the "third leg of the stool
- Steven Horsford, who has been working on crypto tax legislation, brought forth an amendment that would set a time limit of up to five years
Summary
The House Ways and Means Committee, the primary tax-writing panel in the House, is set to hold a hearing at 2 p.m. The hearing comes as Senate lawmakers grapple with how to advance the Clarity Act, legislation that would establish the first comprehensive federal framework for regulating the cryptocurrency industry. Alison Mangiero, chief strategy officer and head of U.S. policy at the Crypto Council for Innovation, called tax policy the "third leg of the stool. "You can have stablecoin policy, you can have the Clarity Act pass, but without tax policy that recognizes digital assets as kind of an essential pillar, then the other two fall apart," Mangiero said Block.