House Unveils Crypto Tax Legislation Ahead of Markup

The House Ways and Means Committee has unveiled its cryptocurrency taxation legislation ahead of a markup scheduled for Wednesday. The bill, sponsored by Chair Jason Smith (R-Mo.), includes changes to provisions from earlier GOP-led digital asset tax bills.

The legislation also incorporates provisions from bipartisan legislation crafted by Rep. Steven Horsford (D-Nev.) and Rep. Max Miller (R-Ohio). The markup is expected to include other tax-related provisions and healthcare bills as well.

The cryptocurrency industry has been closely watching the developments, with key areas of focus including how capital gains are treated and whether tokens should be considered securities or commodities.