US House Advances Bipartisan Crypto Tax Overhaul Bill
The US House Ways and Means Committee has advanced the Digital Asset Tax Certainty Act in a bipartisan vote of 38-5, moving to reshape the federal tax treatment of digital assets.
The bill would establish special tax treatment for qualifying dollar-pegged stablecoins and certain crypto lending agreements, extend wash-sale rules to widely traded digital assets, and create new rules for mining and staking income.
A key provision would grant a de minimis exemption for certain crypto transaction fees, allowing taxpayers to avoid recognizing gains or losses when digital assets are used to pay qualifying network or transaction fees of $10 or less.
The committee's approval sends the bill to the full House of Representatives for consideration, following the Senate's failure to advance the CLARITY Act on Tuesday due to a lack of votes.