A package of seven crypto tax bills are being circulated ahead of a U.S. House of Representatives Ways and Means Committee hearing next week, with each of the legislative bills addressing its own narrow aspect of the tax treatment of digital assets, including easing tax demands on small transactions and asset gains in mining and staking.
The committee that oversees tax issues is scheduled to discuss these ideas on June 9, and the legislative text says the committee is targeting a number of areas with targeted bills. The various proposals include eliminating tax requirements on certain small (or “de minimis”) transactions, stablecoin activity and network fees; govern the taxation of assets acquired through crypto mining; merging digital assets with the existing tax treatment of securities; apply so-called wash sale rules to crypto; and remove the appraisal requirement for donations of digital assets to charity.
Reducing the tax burden of mining and staking is a major part of the sector’s tax policy strategy, focused on eliminating double taxation in which assets are taxed both at the time of acquisition and at the time of sale. One of the bills aims to solve this problem.
Cody Carbone, CEO of the Digital Chamber, said in a statement that he welcomed the upcoming hearing as an opportunity “to refine these proposals and advance the bipartisan tax effort.” He added that his organization will work with the committee “to strengthen the projects and provide the tax clarity and fairness that digital assets deserve.”
Although the Digital Asset Market Clarity Act has been the top U.S. cryptocurrency policy priority, Washington lobbyists have regularly stated that cryptocurrency tax policy is next. There have been a number of previous efforts to address the lack of clarity on what should constitute a taxable gain in the digital assets space, including an initiative pushed by Sen. Cynthia Lummis, a Wyoming Republican who leads a digital assets subcommittee within the Senate Banking Committee.
Lummis has tried unsuccessfully to pass these ideas several times, including an unsuccessful attempt to attach them last year to the Republican One Big Beautiful Bill spending package.
The arrival of bipartisan crypto tax efforts in the House comes quite late in the congressional session, although there are a number of must-pass bills this year that could be associated with items.
