House Ways and Means advances seven crypto tax bills for June hearing
In brief
- Seven crypto tax bills circulated ahead of House Ways and Means Committee June 9 hearing
- Proposals target relief for mining, staking, small transactions, and charitable donations
- Effort aims to eliminate double taxation and clarify digital asset tax treatment
What's in the bills
Seven crypto tax bills are being circulated by the House Ways and Means Committee ahead of the June 9 hearing. The proposals include eliminating tax demands on small or de minimis transactions, stablecoin activity, and network fees. Other bills address taxation of assets acquired through crypto mining and apply wash sale rules to crypto. One proposal seeks to eliminate an appraisal requirement in digital asset donations to charity.
Reducing mining and staking tax burden is a major component of the industry's tax-policy strategy, focused on eliminating double taxation. The industry has long argued that taxing rewards at acquisition, then again at sale, creates an unfair compliance burden compared to traditional asset classes.
Industry backing and momentum
Cody Carbone, the CEO of the Digital Chamber, said in a statement he welcomes the coming hearing as a chance "to refine these proposals and keep the bipartisan tax effort moving forward." His organization plans to work with the committee "to strengthen the drafts and deliver the tax clarity and fairness digital assets deserve."
The timing reflects a shift in Washington priorities. Though the Digital Asset Market Clarity Act has been the top U.S. policy focus of the crypto industry, Washington lobbyists have routinely said that crypto tax policy was next in line. Senator Cynthia Lummis, a Wyoming Republican who leads a digital assets subcommittee in the Senate Banking Committee, previously attempted to attach crypto tax proposals to the Republican spending package last year—an effort that failed.
The arrival of bipartisan crypto tax efforts in the House comes fairly late in the congressional session. The June 9 hearing will be the first public forum for these proposals, and it's unclear whether they'll advance before the end of the current session.
