US House Advances Crypto Tax Overhaul Bill with Bipartisan Support

The US House Ways and Means Committee has advanced legislation aimed at reshaping the federal tax treatment of digital assets. The Digital Asset Tax Certainty Act passed in a 38-5 vote, covering stablecoins, mining and staking, digital asset lending, transaction fees, and other crypto-related activities.

Among its provisions, the bill establishes special tax treatment for qualifying dollar-pegged stablecoins and certain crypto lending agreements. It also extends wash-sale rules to widely traded digital assets and sets new rules for mining and staking income.

The legislation creates 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.