US House Committee Set to Review Cryptocurrency Tax Bill

The US House Committee is set to review the Digital Asset Tax Certainty Act, a bill aimed at clarifying cryptocurrency tax laws in the country.

The bill proposes exempting certain cryptocurrency transactions up to $10 from profit and loss accounting, extending the tax rule prohibiting tax reduction through wash sales to digital assets, and introducing simplified annual accounting for widely traded cryptocurrencies.

Additionally, the bill requires taxing mining and staking as ordinary income and mandates the US Treasury to launch a voluntary disclosure program for digital assets within 12 months of the law's enactment.