House Advances Bipartisan Crypto Tax Bill in 38-5 Vote
The US House Ways and Means Committee has advanced the Digital Asset Tax Certainty Act, a bipartisan effort aimed at clarifying how federal taxes apply to various crypto activities. The measure passed on Wednesday in a 38-5 vote and now heads to the full House for consideration.
The bill would address tax treatment of stablecoins, crypto lending, mining, and staking, and includes provisions affecting transaction fees and wash-sale rules. It creates special tax treatment for qualifying dollar-pegged stablecoins and certain crypto lending agreements, extends wash-sale rules to widely traded digital assets, and introduces a de minimis exemption for small transaction fees.
The push comes after the Senate failed to advance the CLARITY Act on Tuesday, with Senator Cynthia Lummis blaming Democrats for the bill's failure. The SEC and CFTC have signaled continued rulemaking under existing authority, with the SEC Chair Paul Atkins saying that investors and entrepreneurs should 'stay tuned.'