US House Drafts Seven Bills to Overhaul Crypto Tax Rules, Targeting Stablecoins and Staking
Summary
- The House Ways and Means Committee is set to release draft legislation that would overhaul the broader tax framework for digital assets (cryptocurrencies).
- The proposals cover the full range of crypto taxation, including stablecoin transactions, mining, staking, crypto lending, wash sale rules, charitable donation treatment and a voluntary disclosure program.
- Markets expect long-unclear crypto tax standards to become more defined, with the tax treatment of stablecoin payments, staking rewards and income from crypto lending poised to be key issues.
Forecast Trend Report by Period
The US House of Representatives is preparing to release draft legislation that would reshape the tax framework for digital assets.
Eleanor Terrett, host of CryptoAmerica, reported on June 5 that the House Ways and Means Committee had prepared seven draft bills on digital-asset tax reform and distributed them to lawmakers.
The drafts address the full scope of crypto taxation, including stablecoin transactions, mining, staking, crypto lending, wash-sale rules, charitable donations and a voluntary disclosure program for taxpayers who previously failed to file reports.
The legislative package is understood to split into separate bills provisions from the previously introduced Miller-Horsford Digital Asset PARITY Act and related legislation proposed last year by Senator Cynthia Lummis.
The move has raised expectations that long-unclear crypto tax standards could become more specific. The tax treatment of stablecoin payments, staking rewards and income from crypto lending is set to be a main point of focus.
Terrett said the bills are likely to be a central topic at the House Ways and Means Committee's June 9 hearing on crypto taxation.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
