House markup scheduled for crypto de minimis tax break proposal, a potential federal tax treatment overhaul for digital assets.
Regulation & Gov ·
A House committee will vote Wednesday on the Digital Asset Tax Certainty Act, proposed legislation that would reshape how the federal government taxes cryptocurrency transactions and related activities. The bill, introduced by Ways and Means Committee Chairman Jason Smith, covers network fees, stablecoins, staking, mining, lending, and wash-sale treatment of digital assets. The markup session is scheduled for 10 a.m. Eastern on September 16.
The bill's centerpiece is a "de minimis" exemption allowing taxpayers to exclude qualifying blockchain or transaction fees of $10 or less from capital-gains calculations. Currently, paying such fees in crypto can trigger a taxable event because the IRS classifies digital assets as property. Beyond that exemption, the legislation would set stablecoin tax basis at redemption value, classify mining and staking rewards as ordinary income, and establish a Treasury program permitting eligible taxpayers to amend prior returns for outstanding taxes and penalties. An earlier industry-backed proposal to defer income recognition for newly created mining and staking rewards does not appear in this version. Proposed exemptions and simplified accounting would take effect in 2028.
The measure must still advance through House committee, then secure approval from the full House, Senate, and President to become law. No timeline for those subsequent steps is yet confirmed.