House committee circulates seven crypto tax bills ahead of Tuesday hearing
In brief
- House Ways and Means Committee circulates seven draft bills on stablecoins, staking, mining, and transactions
- De minimis reporting exceptions and reduced tax paperwork proposed to ease crypto holder compliance burden
- Digital Chamber CEO warns tax clarity essential for onshoring crypto activity domestically
- Senate expected to prioritize budget reconciliation before addressing digital asset market structure
Proposals target reporting burden
Among proposals in the draft legislation are reducing the tax paperwork required for crypto holders, providing clarity for mining and staking tokens, and a potential de minimis reporting exception for transactions. The de minimis exception—allowing small transactions to avoid reporting—has become a focal point of industry advocacy.
Crypto industry advocates have been urging US lawmakers to address lessening the reporting burden for taxes on mining and staking and eliminating requirements for small crypto transactions through de minimis exceptions. This push reflects frustration with current compliance costs.
De minimis thresholds emerge
According to Wyoming Senator Cynthia Lummis, the House Ways and Means Committee and the Senate Finance Committee were considering a $300 de minimis exemption for Bitcoin transactions. The proposed change to capital gains taxes built upon the Wyoming lawmaker's draft bill released in July 2025.
"We need digital asset tax clarity or activity will never fully onshore," said The Digital Chamber CEO Cody Carbone in response to the PARITY Act.
State-level action underway
Meanwhile, the Illinois General Assembly signed off on a $56 billion state budget that included provisions for taxing digital assets. If signed into law by Governor JB Pritzker, crypto users can expect to pay a 0.2% tax on transactions through brokers, which must also be registered with the state.
Any bill or amendment to legislation addressing crypto tax policy will need bipartisan support in Congress before being signed into law. US lawmakers in the Senate are expected to focus on a budget reconciliation bill before consideration of a digital asset market structure bill.
