US House Advances Major Crypto Bills Amid Senate Blockage
Two major crypto bills moved forward in the US House on Wednesday, giving Washington's digital-asset agenda fresh momentum. The Digital Asset Tax Certainty Act passed the House Ways and Means Committee 38-5, covering transaction fees, mining, staking, and wash-sale rules for federal taxation of cryptocurrencies.
The bill would provide an exception for certain crypto network or transaction fees of $10 or less, reducing the tax burden associated with small blockchain transactions. Mining and staking rewards would be treated as ordinary income under the proposal, although lawmakers are still debating when that income should be recognized for tax purposes.
Separately, the House Financial Services Committee advanced legislation to place the federal government's Bitcoin holdings into a statutory Strategic Bitcoin Reserve. The American Reserve Modernization Act would establish a reserve and a separate Digital Asset Stockpile within the Treasury Department, with restrictions intended to treat the government's Bitcoin as a long-term holding rather than an actively traded asset.