White House · CLARITY Act · US Senate · Republicans · The Block
House panel approves first federal crypto tax framework, one day after Senate’s Clarity Act stumbles
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The House Ways and Means Committee voted to advance cryptocurrency tax legislation, sending it to the House as progress stalls in the Senate on a bill to broadly regulate digital assets.
Key facts
- On Wednesday, the House Ways and Means Committee voted 38-5 to advance the Digital Asset Tax Certainty Act, a bill that would establish clear federal tax rules for cryptocurrencies
- The legislation would also require the Treasury Department to establish a Digital Asset Voluntary Disclosure Program within 12 months of enactment
- The bill sets out a threshold for taxes so people would not have to pay taxes on network or transaction fees in crypto if the fee is $10 or less
- That part of the bill, if passed, will not go into effect until December 2027
Summary
On Wednesday, the House Ways and Means Committee voted 38-5 to advance the Digital Asset Tax Certainty Act, a bill that would establish clear federal tax rules for cryptocurrencies. "This is a historic moment for this Committee: after more than a year of working together, Republican and Democrat Members have come together to establish the first-ever tax framework for digital assets," said the committee's Chair Jason Smith, R-Mo. The bill sets out a threshold for taxes so people would not have to pay taxes on network or transaction fees in crypto if the fee is $10 or less. The legislation would also require the Treasury Department to establish a Digital Asset Voluntary Disclosure Program within 12 months of enactment.