US House Reviews Crypto Tax Bill with Strategic Bitcoin Reserve Measure
The US House of Representatives has started reviewing legislation related to cryptocurrency taxation and the creation of a Strategic Bitcoin Reserve.
The Digital Asset Tax Certainty Act, currently under review by the House Ways and Means Committee, aims to revamp the tax framework for cryptocurrencies. Key provisions include revising the tax treatment of small crypto rewards, US dollar stablecoin transactions, and calculating gains and losses on major cryptocurrencies.
The bill also includes measures to improve tax parity with traditional finance assets, such as rules on asset transfers under crypto lending agreements and safe harbors.
In addition, the House Financial Services Committee is reviewing the American Reserve Modernization Act, which would establish a Strategic Bitcoin Reserve and separate reserve for cryptocurrencies other than Bitcoin under the US Treasury Department. The measure requires systematic storage of seized Bitcoins and regular disclosure of government holdings.