US House to Hold Hearing on Crypto Tax Overhaul as Senate Continues CLARITY Act Talks

The U.S. Congress is advancing parallel efforts on cryptocurrency taxation and market-structure legislation, according to Crypto in America. The House is moving to revamp the tax framework for digital assets, while the Senate continues negotiations on the Digital Asset Market Clarity Act.

The House Ways and Means Committee is scheduled to hold a hearing this week on crypto tax reform. Representatives from Fidelity, Coinbase, Coin Center and New York University are set to testify.

The committee will also review seven discussion drafts aimed at changing the way digital assets are taxed. The drafts cover stablecoin transactions, mining, staking, digital-asset lending, wash-sale rules, donations and taxpayer disclosures.

The proposals split into separate sections provisions from the Digital Asset Parity Act, introduced in December 2025 by Representative Max Miller, a Republican, and Representative Steven Horsford, a Democrat. They also incorporate elements of similar legislation put forward by Senator Cynthia Lummis, a Republican, Crypto in America reported.

Industry groups largely welcomed the approach. The Digital Chamber, the Blockchain Association and the Crypto Council for Innovation said breaking out key issues into separate drafts could make the legislative debate clearer.

The Digital Sovereignty Alliance said dividing staking, mining, lending and wash-sale provisions into seven standalone drafts would allow lawmakers to address the details more precisely instead of rushing a broader bill.

State-level tax disputes are also attracting attention. Illinois included a 0.2% tax on some digital-asset transactions in a $56 billion state budget. Industry groups argue the measure could drive crypto companies and investment out of the state.

In the Senate, negotiations over the CLARITY Act are continuing. The bill would set out regulatory responsibilities for digital assets, registration pathways and obligations related to decentralized finance, or DeFi.

Lummis told Crypto in America that a vote before the July 4 recess remains possible, but floor consideration is more likely after lawmakers return on July 13.

She said the Senate Banking Committee bill, the Agriculture Committee bill, ethics provisions and some revisions to the GENIUS Act would need to be combined. That means securing the 60 votes needed to end debate on the Senate floor could take longer.

The treatment of stablecoin yield remains another sticking point. Banks say a compromise in the CLARITY Act on stablecoin-related yield could draw money away from deposits. Backers of the bill contend those concerns are overstated and that banks could benefit by integrating digital-asset services into existing financial products.

Lummis said bank deposits have continued to rise even as stablecoins gained a larger role in the economy. Lawmakers, she said, need to understand that the two products can coexist.

Pressure from the crypto industry is also building. More than 200 crypto groups, including Coinbase, Ripple, Kraken and Circle, previously sent a letter to Senate leaders urging them to bring the CLARITY Act to the floor quickly.

Markets are also watching U.S. inflation data and the congressional calendar this week. The May U.S. consumer price index is due on June 10, while the House Ways and Means Committee is set to hold its crypto tax hearing. Investors are treating the tax overhaul and CLARITY Act debate as key factors in shaping the future direction of U.S. crypto regulation.