U.S. House Advances Digital Asset Tax Certainty Act Amid Industry Concerns

The U.S. House Ways and Means Committee has advanced a broad crypto tax bill called the Digital Asset Tax Certainty Act, H.R. 10357. The legislation addresses stablecoin payments, transaction fees, digital asset lending, mining and staking, wash-sale rules, and other tax issues.

Crypto Council for Innovation (CCI) has welcomed certain provisions in the bill but expressed concerns over the taxation of staking rewards. According to CCI, the proposed treatment would classify staking and mining rewards as ordinary income and codify taxation upon receipt, creating tax liabilities before recipients realize an economic gain.

CCI also pointed out that approximately 88% of centralized exchange trading volume occurs on platforms outside the United States, emphasizing the need for durable crypto tax rules. The council urged lawmakers to reserve revenue from digital asset reforms for further improvements to the framework.