US House tax committee advances crypto tax overhaul in 38–5 vote
A bipartisan House committee vote advanced legislation that would reshape federal tax rules for stablecoins, staking, crypto lending and digital asset transactions.
The US House Ways and Means Committee voted 38-5 in favor of legislation aimed at reshaping federal tax rules for digital assets, including stablecoins, staking, crypto lending, and transaction fees. The Digital Asset Tax Certainty Act would establish special tax treatment for dollar-pegged stablecoins, extend wash-sale rules to widely traded digital assets, and create a de minimis exemption for small crypto transaction fees.
The bill now moves to the full House of Representatives for consideration. The Senate previously failed to advance a broader bill, the CLARITY Act, which would establish a federal regulatory framework for digital assets and clarify the roles of the SEC and CFTC. Senator Cynthia Lummis, a lead sponsor of the legislation, blamed Democrats for the Senate bill's failure, citing repeated demands and new demands from Democrats.
Despite the Senate's failure, SEC Chair Paul Atkins and CFTC Chair Michael Selig indicated that their respective agencies would continue moving forward on crypto regulation using existing authorities.
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