US House tax committee advances crypto tax overhaul in 38–5 vote

The US House Ways and Means Committee passed the Digital Asset Tax Certainty Act with bipartisan support on Wednesday, advancing legislation aimed at reshaping the federal tax treatment of digital assets.

The bill advanced in a 38-5 vote and covers stablecoins, mining and staking, digital asset lending, transaction fees and other crypto-related activity.

Among its provisions, the bill would establish special tax treatment for qualifying dollar-pegged stablecoins and certain crypto lending agreements, extend wash-sale rules to widely traded digital assets and establish new rules for mining and staking income.

Source: Ways and Means Committee

The legislation would also create a de minimis exemption for certain crypto transaction fees, allowing taxpayers to avoid recognizing gains or losses when digital assets are used to pay qualifying network or transaction fees of $10 or less.

The committee’s approval sends the bill to the full House of Representatives for consideration.

Related: Coinbase faces greater fallout from CLARITY Act setback: Saxo

CLARITY Act failure shifts focus to regulators

The committee vote comes a day after the Senate failed to advance the CLARITY Act, a broader market structure bill that would establish a federal regulatory framework for digital assets and clarify the respective roles of the Securities and Exchange Commission and Commodity Futures Trading Commission.