Donald Trump · White House · CLARITY Act · US Senate · CoinDesk
U.S. House's tax committee advances crypto tax bill in wake of Clarity Act loss
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Less than 24 hours after the collapse of the crypto industry's market structure bill, the tax committee in the U.S. House of Representatives has advanced another important industry effort that would clarify crypto tax treatment and ease burdens on casual transactions.
Key facts
- The small-transactions threshold is set at $10 in this legislation, significantly lower than some of the previous efforts at tax bills, but an idea seen as necessary to make digital assets more
- The Digital Asset Tax Certainty Act, revealed earlier this week by the House Ways and Means Committee, would provide crypto users long-awaited answers on what are known as "de minimis" transactions
- Less than 24 hours after the collapse of the crypto industry's market structure bill, the tax committee in the U.S. House of Representatives has advanced another important industry effort
- We are establishing basic tax rules for digital assets," said Representative Steven Horsford, a Nevada Democrat who has been pushing such tax policy over the past year
Summary
A bipartisan crypto tax bill, though narrowed from earlier versions, has cleared an important vote in the House of Representatives, even as the industry still reeled from the loss of its top legislative priority in the Senate. The bill, approved 38-5 in a markup hearing, would seek to remove tax burdens on small crypto transactions and expand other tax rules to treat digital assets the same as other financial products. Less than 24 hours after the collapse of the crypto industry's market structure bill, the tax committee in the U.S.
The Digital Asset Tax Certainty Act, revealed earlier this week by the House Ways and Means Committee, would provide crypto users long-awaited answers on what are known as "de minimis" transactions, or small, routine payments, which currently trigger difficult tax accounting.