House Committee Advances Crypto Tax Bill with Bipartisan Support

The Digital Asset Tax Certainty Act cleared the House Ways and Means Committee with a wide margin of 38-5. The bill, which targets small-value transactions in crypto, sets a $10 de minimis threshold for network and transaction fees to not trigger a taxable event.

Under current law, these routine transactions can force users to navigate what committee Chair Jason Smith called an 'absurd maze of compliance.'

The legislation also clarifies how income from mining and staking would be treated. Both activities would be taxed as ordinary income under the bill, but the timing of when that income is recognized remains unresolved.

Representative Steven Horsford, a Nevada Democrat who worked on the bill, said Congress still needs to address this question directly.