House Passes Crypto Tax Bill as Senate Fails to Advance Regulatory Framework

The House Ways and Means Committee passed the Digital Asset Tax Certainty Act on Wednesday with bipartisan support, moving closer to a clear tax framework for digital assets. The bill creates a $10 de minimis exemption for small crypto transactions to ease tax burdens and covers stablecoins, staking, mining, lending, wash-sale rules, and broker requirements. Committee Chairman Jason Smith pointed out that without such a rule, buying a cup of coffee with crypto 'triggers an absurd maze of compliance.'

The bill was approved just one day after the Senate failed to advance the CLARITY Act in a 49-50 cloture vote on Tuesday. The SEC and CFTC chairs said they will move ahead with crypto regulation using existing authority.