US House Panel Set to Vote on Crypto Tax Bills Impacting Bitcoin Mining

The US House Ways and Means Committee is set to vote on a package of digital asset tax bills, marking the first time crypto tax legislation has made it this far in the process.

Two key measures, H.R. 9175 and H.R. 9172, have drawn attention for their potential impact on Bitcoin mining and trading.

H.R. 9175 would allow miners to defer income from newly created tokens until they are disposed of, while H.R. 9172 would extend wash-sale and constructive-sale rules to digital assets, excluding qualified U.S. dollar stablecoins.

Democrats have pushed back on the deferral provisions, with Representative Steven Horsford proposing an amendment to cap mining and staking income at five years and limit deductions for donated tokens that are not widely traded.