A set of seven crypto tax bills are being circulated ahead of a hearing in the US House Ways and Means Committee next week, with each of the bills tackling its own narrow aspect of digital assets’ tax treatment, including relaxing requirements for taxes on small transactions and asset gains in mining and staking.
The committee that oversees tax issues is set to discuss the ideas on June 9, and the bill’s text indicates the panel is targeting a number of areas with focused bills. The various proposals include eliminating tax requirements on certain small (or “de minimis”) transactions, stablecoin activity and network fees; regulating the taxation of assets acquired through cryptomining; merging digital assets with existing tax treatment of securities; application of so-called wash sale rules to crypto; and remove an appraisal requirement in donations of digital assets to charity.
Reducing the mining and investment tax burden is a significant part of the industry’s tax policy strategy, which focuses on eliminating double taxation, where the assets are taxed both at the time of acquisition and at the point of sale. One of the bills seeks to solve this problem.
Cody Carbone, executive director of the Digital Chamber, said in a statement that he welcomes the upcoming hearing as a chance “to refine these proposals and keep the bipartisan tax effort moving forward.” He added that his organization will work with the committee “to strengthen the drafts and deliver the tax clarity and fairness digital assets deserve.”
Although the Digital Asset Market Clarity Act has been the top US policy focus of the crypto industry, lobbyists in Washington have routinely said that crypto tax policy was next in line. There have been a number of previous efforts to address the lack of clarity about what should constitute a taxable gain in the digital asset space, including an initiative pushed by Sen. Cynthia Lummis, a Wyoming Republican who chairs a digital assets subcommittee of the Senate Banking Committee.
Lummis has tried and failed to get traction on the ideas several times, including a failed attempt last year to have them attached to the Republican’s 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 will be a number of bills to be passed this year that may have items attached to them.
