Ways and Means Committee Schedules Crypto Tax Bill Markup for September 16
The U.S. House Ways and Means Committee is set to mark up the Digital Asset Tax Certainty Act on September 16, marking a significant step towards creating a comprehensive tax framework for the crypto industry.
The bill, which includes several tax provisions, aims to apply rules already in place for traditional assets to crypto assets as well. This includes bordering on Wash-Sale and Constructive-Sale rules.
However, Republicans have dropped the H.R. 9175 Tax Clarity for Mining and Staking Act from the tax package. This bill specifically addressed taxes on mining and staking rewards.
Despite initial concerns, Democratic Rep. Steven Horsford supports the latest text of the crypto tax bill and expects bipartisan sign-off during markup. The bill is expected to advance out of committee with bipartisan support.