House Committee Passes Digital Asset Tax Bill with Caveats

Crypto stakeholders have secured their first major tax win after the House Ways and Means Committee passed the Digital Asset Tax Certainty Act.

The bill, which was approved by a vote of 38-5 on September 16, addresses several long-sought tax concessions for digital assets, including eliminating gain-or-loss recognition when using crypto to pay qualifying network fees of no more than $10. However, the legislation falls short of providing broader relief for everyday crypto transactions and changes to when staking and mining rewards become taxable.

Crypto Council for Innovation's (CCI) chief strategy officer and head of US policy, Alison Mangiero, praised the committee vote as a 'historic step' but noted that lawmakers still have room to refine the timing of income recognition for staking and mining rewards and expand de minimis treatment for ordinary digital-asset transactions.