US House Panel Set to Vote on Crypto Tax Rules That Could Reshape Industry

The US House Ways and Means Committee is set to vote on a group of digital asset tax bills, marking the first time crypto tax legislation has moved from introduction to a formal committee vote. The bills aim to clarify tax treatment for miners, stakers, and traders.

Two key measures are up for consideration: H.R. 9175, the Tax Clarity for Mining and Staking Act, would let eligible minors and estates defer income on newly created tokens until they're disposed of. This deferral could be a significant relief for miners who currently owe income tax as soon as block rewards land in their wallets.

H.R. 9172, Applying Existing Tax Anti-Abuse Rules to Digital Assets Act, would extend the Section 1091 wash-sale and Section 1259 constructive-sale rules to digital assets. This would end the practice of selling crypto at a loss and rebuying it minutes later to book the deduction, but would exempt qualified U.S. dollar stablecoins.

The Joint Committee on Taxation estimates that H.R. 9172 would bring in about $2.07 billion in extra federal revenue over 10 years from lost deductions for crypto traders.