US House Committee Advances Crypto Tax Bill in Bipartisan Vote

The US House Ways and Means Committee has advanced a long-awaited crypto tax bill in a bipartisan vote, clearing the first federal framework for digital asset taxation. The Digital Asset Tax Certainty Act (H.R. 10357) was approved by a 38-5 margin on September 16, just a day after the Senate failed to advance the CLARITY Act.

The bill, shepherded by Committee Chairman Jason Smith (R-Mo.), would exempt network and transaction fees of $10 or less from gain-or-loss reporting, starting in 2028. This change aims to prevent small everyday crypto payments from triggering a tax accounting burden.

Support for the bill crossed party lines, but was not unanimous. Nevada Democrat Steven Horsford endorsed the stablecoin and fee provisions, while Texas Democrat Lloyd Doggett accused the panel of 'hastening to grant privileges to this sector.'