U.S. House panel shares crypto tax bill ahead of hearing later this week
The U.S. House Ways and Means Committee has introduced the 'Digital Asset Tax Certainty Act,' which aims to simplify tax reporting for small crypto transactions. While the bill faces a markup hearing, it is unlikely to pass before the upcoming November elections.
Why it matters
This legislation represents a significant attempt to integrate digital assets into the existing tax framework, potentially easing the burden on everyday crypto users.
The House Ways and Means Committee released a 114-page crypto tax bill late Monday ahead of a Wednesday markup hearing , where lawmakers will debate provisions and vote on whether or not to advance the measure. The bill, titled the "Digital Asset Tax Certainty Act," addresses de minimis transactions, gain and loss accounting, transfers, wash sale rules, mining,staking and broker requirements, among others.
The bill follows previous efforts by Representatives Steven Horsford and Max Miller, who introduced various versions of crypto tax legislation over the past year.
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