CoinDesk reports:
The U.S. House Committee on Ways and Means is circulating seven draft cryptocurrency tax bills for next week’s hearing. According to current disclosures, these drafts address various issues in digital asset taxation, including relief for small transactions, stablecoin activities, income from mining and staking, and valuation requirements for charitable donations.
Seven draft proposals will be discussed on June 9.
The committee plans to hold a hearing on June 9 to focus on these proposals. The draft is not a comprehensive bill but is being advanced in separate pieces, with each text addressing a specific, narrower tax issue.
- Exempt certain small transactions from tax requirements
- Include stablecoin activities and network fees in the adjustment scope.
- Clarify the tax treatment of assets acquired through mining
Mining and staking tax liabilities are a priority.
One key focus is reducing the double taxation burden on mining and staking. The industry has long argued that relevant assets should not be taxed both upon acquisition and upon sale, and that the same gain should not be taxed twice.
The draft includes proposals aimed at addressing this issue. In addition to mining and staking, the committee is also examining how to better align digital assets with existing securities tax frameworks and is considering whether the “wash sale” rule should apply to cryptocurrency transactions.
Another item is the elimination of valuation requirements for digital assets used in charitable donations. If implemented, this arrangement could reduce compliance costs for individuals and institutions in donation scenarios.
The House of Representatives has begun taking up tax-related issues.
In recent stages, U.S. crypto industry policy focus has been on market structure legislation, but tax issues are generally seen as the next priority. Washington has previously debated when digital assets constitute taxable income and which transactions should be exempt, but progress has been limited.
Wyoming Republican Senator Cynthia Lummis has previously advocated for similar tax ideas, including attempting to incorporate them into last year’s Republican spending bill, but failed to make progress.
This bipartisan tax bill introduced by the House is seen as one of the later-started crypto legislative initiatives in this session of Congress. However, several other bills still require passage this year, and these provisions may still be added to larger legislative texts in the future.
Additional context: Cody Carbone, CEO of the digital assets industry organization Digital Chamber, welcomed the upcoming hearing, stating that it would provide an opportunity to refine the draft and continue advancing bipartisan tax discussions.