US Digital Asset Tax Bill Released with Crypto Fee Exemption and Stablecoin Rules

The US House Ways and Means Committee has released a comprehensive bill to clarify federal tax rules for digital assets. The Digital Asset Tax Certainty Act, introduced by Chairman Jason Smith, aims to consolidate various proposals discussed in June into a single text.

One of the key provisions is a $10 exemption for certain crypto fees. Individuals paying eligible network or transaction fees with cryptocurrency will not be required to report gains or losses if the fee is $10 or less. This change is planned to begin in 2028, along with a simplified annual accounting option for widely traded digital assets.

The bill also provides special tax rules for minor deviations from the $1 peg in eligible US dollar stablecoins. If the asset was acquired at a price near $1, the redemption value should be accepted as the tax basis.

Mining and staking income are generally envisioned to be treated as ordinary income. The bill also allows certain investment partnerships to stake their assets without this activity alone changing their tax status.