As the US Representative House is digging into the policy of digital assets under what legislators have styled “Crypto Week” next week, the committee, which focuses on tax policy, will discuss the right path to the taxation of crypto.
The chairman of the House Ways and Means Committee, representative Jason Smith, announced a consultation on July 16 on the Supervisory Committee to look at the “affirmative steps needed to place a tax policy framework on digital assets,” according to a statement on Wednesday.
Crypto taxation is the next in line behind the overall regulation of markets and the supervision of stablecoins as a leading political issue that is expected to get attention in Congress. The two primary legislative efforts are both expected to see action next week, including a potential house voice to approve the Senate’s newly adopted bill to regulate stableco -issuers.
Taxation of activity in digital assets has long been a millstone around the industry’s neck, because until crypto taxes get a reliable, rational American tax regime, investors have to face uncertainty in their accounting approach. The house’s consultation message comes on the heels of Senator Cynthia Lummis’ introduction of a bill last week in the second congress’s chamber, addressing some of the lingering complaints about cryptocurrency users.
Lummis’ legislation would put a $ 300 threshold on crypto-transactions that would need to be included in a user’s tax calculations, releasing people’s small, daily transactions from headaches with capital-gas-limited to a total of $ 5,000 a year. And it would also eliminate double taxation on crypto, given in efforts, mining, airdrops and forks, eliminating the original tax when the benefits are received and focusing only on taxation of gains from any sales.
It is unclear what parliament has in mind yet, but the Republican -led committee is looking for industry -friendly policy, with the title of the title, “Does America Crypto Capital
Of the world: to secure digital asset policy built for the 21st century. “
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