White House · CLARITY Act · US Senate · Cointelegraph
US House tax committee advances crypto tax overhaul in 38–5 vote
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A bipartisan House committee vote advanced legislation that would reshape federal tax rules for stablecoins, staking, crypto lending and digital asset transactions.
Key facts
- The cloture motion failed 49–50 on Tuesday, falling short of the 60 votes needed to advance the legislation to debate on the Senate floor
- The bill advanced in a 38-5 vote and covers stablecoins, mining and staking, digital asset lending, transaction fees and other crypto-related activity
- The US House Ways and Means Committee passed the Digital Asset Tax Certainty Act with bipartisan support on Wednesday, advancing legislation aimed at reshaping the federal tax treatment of digital
- The legislation would also create a de minimis exemption for certain crypto transaction fees, allowing taxpayers to avoid recognizing gains or losses when digital assets are used to pay qualifying
Summary
The US House Ways and Means Committee passed the Digital Asset Tax Certainty Act with bipartisan support on Wednesday, advancing legislation aimed at reshaping the federal tax treatment of digital assets. The bill advanced in a 38-5 vote and covers stablecoins, mining and staking, digital asset lending, transaction fees and other crypto-related activity. Among its provisions, the bill would establish special tax treatment for qualifying dollar-pegged stablecoins and certain crypto lending agreements, extend wash-sale rules to widely traded digital assets and establish new rules for mining and staking income. The legislation would also create a de minimis exemption for certain crypto transaction fees, allowing taxpayers to avoid recognizing gains or losses when digital assets are used to pay qualifying network or transaction fees of $10 or less.