US House Committee Passes Landmark Crypto Tax Bill with Bipartisan Support
The US House Ways and Means Committee has passed the Digital Asset Tax Certainty Act in a 38-5 vote, moving forward a proposed federal tax framework for digital assets.
The bill offers a tax exception for qualifying crypto network and transaction fees of up to $10, which would remove gain-or-loss recognition only for these fees. Current federal treatment can create a taxable disposal when a person spends crypto, including when tokens are used to cover transaction costs.
The Digital Asset Tax Certainty Act also creates simplified accounting methods for gains and losses involving widely traded digital assets, provides specific treatment for qualifying transactions involving US dollar stablecoins, and addresses transfers made under digital asset lending agreements. Proposed rules would extend wash-sale rules to traded digital assets and apply constructive-sale provisions to crypto.