Crypto Tax Bill Clears House Committee After Clarity Act Setback

The House Ways and Means Committee has voted to advance the Digital Asset Tax Certainty Act. According to Rep. Rudy Yakym, the bill provides clear guidelines for crypto owners and treats digital assets similarly to other financial assets.

The bill aims to modernize the taxation of digital assets and provide certainty for the growing digital asset economy. It would exempt certain crypto fees from gain-or-loss calculations and restrict tax-loss deductions on tokens sold and quickly repurchased.

The bill also establishes that mining and staking rewards are treated as ordinary income rather than capital gains. According to the Wall Street Journal, as reported by PYMNTS, it would create tax exemptions for fees paid along with the disposition of digital assets and establish rules to make it easier for people to use cryptocurrency and stablecoins for consumer transactions.

Brief written by urgent.news from Decrypt, PYMNTS — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.