U.S. House committee advances crypto tax bill that exempts certain fees from gain calculations but restricts wash-sale deductions.
Regulation & Gov ·
The House Ways and Means Committee voted to advance the Digital Asset Tax Certainty Act, a proposal reshaping how cryptocurrency transactions are taxed. The measure, developed through bipartisan efforts spanning more than a year, would exempt network and transaction fees of $10 or less from gain-or-loss reporting starting in 2028, classify mining and staking income as ordinary rather than capital gains, and treat qualifying dollar stablecoins traded near redemption value with simplified accounting. The bill also expands wash-sale restrictions to digital assets, preventing investors from deducting losses on tokens repurchased within 30 days of sale.
The proposal includes provisions allowing certain investment vehicles to stake assets without jeopardizing tax status, while treating eligible cryptocurrency loans as non-taxable events. Taxpayers would gain an opportunity to amend prior filings through a new disclosure mechanism. The measure excludes an earlier proposal that would have permitted deferral of mining and staking reward recognition.
The bill's advancement follows the Senate's failure to move forward with the separate Clarity Act, which addressed market oversight authority. The legislation must clear both full chambers of Congress in identical form and receive presidential signature to take effect. Regulatory agencies including the SEC and CFTC have signaled intent to develop rules within their current jurisdictional framework.