House Passes Bipartisan Crypto Tax Overhaul Bill
The US House Ways and Means Committee has passed the Digital Asset Tax Certainty Act in a bipartisan effort to overhaul how federal taxes apply to various crypto activities. The bill, which moved forward on Wednesday with a 38-5 vote, now heads to the full House for consideration.
The act would address the tax treatment of stablecoins, crypto lending, mining and staking, and includes provisions affecting transaction fees and wash-sale rules. A proposed de minimis exemption could allow taxpayers to ignore recognition of gains or losses when paying qualifying network or transaction fees of $10 or less.
According to the committee text, the bill is designed to bring more predictability to taxpayers involved in crypto-related activity. It covers several areas where current tax treatment has often been difficult for market participants to apply consistently.