Beyer Opposes Crypto Tax Bill, Citing Trump Ties to Industry

WASHINGTON — U.S. Rep. Don Beyer (D-Va.) voted against major cryptocurrency tax legislation Wednesday, arguing that concerns over corruption, fraud and President Donald Trump’s financial ties to digital assets should be addressed before Congress further integrates cryptocurrency into the nation’s financial system.

The House Ways and Means Committee approved the Digital Asset Tax Certainty Act, H.R. 10357, by a bipartisan 38-5 vote. The legislation would overhaul the federal tax treatment of digital assets, including rules governing mining and staking, wash sales, charitable contributions and small transactions. It would also apply existing tax anti-abuse rules to digital assets and establish a voluntary disclosure program for taxpayers.

Beyer, the senior House Democrat on Congress’ Joint Economic Committee and a member of the Ways and Means Tax Subcommittee, acknowledged that the bill had improved substantially during negotiations.

“This legislation is a substantial improvement from the measure we considered in our committee earlier this year,” Beyer said, pointing specifically to changes intended to limit the use of Puerto Rico and other U.S. territories for tax avoidance.

Despite those changes, Beyer said he could not support the legislation because of broader concerns surrounding the cryptocurrency industry.