The U.S. House Ways and Means Committee has released a 114-page crypto tax bill, H.R. 10357, scheduled for markup on September 16. The legislation aims to rewrite how the U.S. tax code treats digital assets, focusing on blockchain-specific activities like staking, mining, and lending. Unlike aligning crypto with traditional finance rules, the bill addresses unique situations such as network fees and tokenized assets. It proposes a $10 de minimis exemption for transaction fees, simpler accounting for traded assets, and clearer rules for stablecoins. The bill also extends wash-sale rules to digital assets and establishes a voluntary disclosure program for past reporting errors.
The U.S. House Ways and Means Committee released a 114-page crypto tax bill, scheduled for markup on September 16. The Digital Asset Tax Certainty Act, H.R. 10357, aims to rewrite how the tax code treats cryptocurrencies and other digital assets.
The rules focus on situations unique to blockchain technology, such as network fees, staking, mining, tokenized assets, and digital-asset lending. The bill is being considered just before a scheduled vote on the CLARITY Act, which remains uncertain after bank trade groups rejected Treasury Secretary Scott Bessent’s “deposit flight circuit breaker” proposal.
The bill explicitly aims to “amend the Internal Revenue Code of 1986 to reform the tax treatment of digital assets, and for other purposes.” The committee held a dedicated legislative hearing in June featuring witnesses from Fidelity, Coinbase, and NYU’s Tax Law Center, building on submissions from Senator Cynthia Lummis to address double taxation for Bitcoin miners and staking investors.
The proposed changes include a $10 de minimis exemption for qualifying crypto network fees and transaction fees. Simpler accounting for widely traded digital assets and clearer tax treatment for stablecoins and crypto lending are also included.
The bill would extend wash-sale and other anti-abuse rules to digital assets while establishing clearer rules for mining and staking income, including cross-country sourcing. It proposes a Digital Asset Voluntary Disclosure Program for taxpayers who failed to report crypto correctly, though outstanding taxes and interest must still be paid.
