House Committee Set to Overhaul Crypto Taxation with New Bill
A House committee is set to consider a bill that would overhaul crypto taxation and make it easier for users to pay taxes on their digital assets. The Digital Asset Tax Certainty Act, H.R. 10357, aims to remove tax friction from routine crypto activity while extending securities-style rules to traders.
The bill estimates an increase in federal receipts of around $500 million from fiscal 2027 through 2036. This comes as a trade-off for removing some tax friction that makes it cumbersome for users to engage in daily crypto activities.
Stablecoins would receive special treatment, preventing minor movements around their $1 peg from creating gains or losses. Redemption value would determine the basis and proceeds for qualifying transactions occurring within prescribed bands around the peg.