US House Panel Votes on Crypto Tax Rules That Could Reshape Bitcoin Mining

The U.S. House Ways and Means Committee is set to vote on September 16 on digital asset tax bills, which could reshape the landscape of Bitcoin mining and trading.

H.R. 9175, the Tax Clarity for Mining and Staking Act, aims to clarify the treatment of new tokens received by miners and stakers, allowing them to defer income until they dispose of the assets.

The bill also includes an election provision that gives miners and stakers the option to treat newly created tokens as ordinary income when received, rather than having to pay tax on them immediately.

H.R. 9172, Applying Existing Tax Anti-Abuse Rules to Digital Assets Act, would extend wash-sale and constructive-sale rules to digital assets, preventing traders from selling crypto at a loss and rebuying it minutes later to book the deduction.