House Releases Crypto Tax Bill Ahead of CLARITY Act Vote

The U.S. House Ways and Means Committee has released a 114-page crypto tax bill, which is set to be marked up on September 16th. The Digital Asset Tax Certainty Act (H.R. 10357) aims to rewrite how the U.S. tax code treats cryptocurrencies and other digital assets.

The bill does not aim to bring crypto closer to traditional financial asset treatment but rather addresses unique blockchain technology aspects, such as network fees, staking, mining, tokenized assets, and digital-asset lending.

The committee has been examining digital-asset taxation for months, with a dedicated legislative hearing in June featuring witnesses from Fidelity, Coinbase, NYU's Tax Law Center, and more. The proposals were built on Senator Cynthia Lummis's submissions last year to address double taxation faced by Bitcoin miners and staking investors.

The changes incorporated in the bill include a $10 de minimis exemption for qualifying crypto networks and transaction fees, simpler accounting for widely traded digital assets, and clearer tax treatment for stablecoins and crypto lending. The bill also extends wash-sale and other anti-abuse rules to digital assets and establishes clearer rules for mining and staking income.