House Committee Releases Crypto Tax Bill Amid Uncertainty Over Passage

The House Ways and Means Committee has released a bill aimed at bringing clarity to cryptocurrency taxation. The Digital Asset Tax Certainty Act (H.R. 10357) is set for a markup on September 16, despite being unlikely to pass this year due to the short congressional window.

The centerpiece of the bill is a de minimis exemption that would exempt network and transaction fees of $10 or less from taxation, excluding those with more than 5,000 transfers in the preceding taxable year. This exemption has been a top industry request, as it would make digital assets practical for everyday purchases.

The bill also includes simplified accounting for widely traded cryptocurrencies, clarification on stablecoin transactions, and guidance on mining and staking income. Additionally, it extends wash-sale rules to traded digital assets, aligns lending and charitable contributions with traditional financial assets, and adds broker-reporting requirements and a trading safe harbor.