US House Reviews Crypto Tax Bill, Introduces Strategic Bitcoin Reserve Measure

The US House of Representatives has begun reviewing two significant pieces of legislation related to cryptocurrency taxation and government Bitcoin reserves.

The Digital Asset Tax Certainty Act, currently being reviewed by the House Ways and Means Committee, aims to revamp the current cryptocurrency tax framework. The bill includes provisions for small crypto rewards, US dollar stablecoin transactions, and the calculation of gains and losses on major cryptocurrencies like Bitcoin. It also seeks to improve tax parity with traditional finance assets through rules on asset transfers under crypto lending agreements and safe harbors.

The House Financial Services Committee is simultaneously reviewing the American Reserve Modernization Act, which would create a Strategic Bitcoin Reserve and set rules for government Bitcoin custody and disclosure of holdings. The bill's core provision is the creation of a Strategic Bitcoin Reserve, separate from other cryptocurrencies under the US Treasury Department.