House Committee Approves Bill to Simplify Crypto Taxation

The House Ways and Means Committee has approved the Digital Asset Tax Certainty Act, a proposal aimed at simplifying crypto taxation. The bill, which covers transaction fees, stablecoins, mining, staking, and lending, must now pass both chambers of Congress before reaching the president.

Committee Chairman Rep. Jason Smith (R-Mo.) credited more than a year of bipartisan work in crafting the legislation, saying 'The legislation before us today is the product of that work, bringing clarity, parity, and workability to digital asset taxation.'

The proposal would remove gain-or-loss calculations on qualifying network or transaction fees of $10 or less, simplify tax calculations for dollar stablecoins traded near their redemption value, and classify mining and staking rewards as ordinary income.