US House to Review Digital Asset Tax Certainty Act on Sept. 16, Exempting Crypto Fees Under $10
Summary
- The US House is set to review the Digital Asset Tax Certainty Act, which would exclude network and transaction fees under $10 from taxation.
- The bill includes provisions covering users with more than 5,000 transfers a year, tighter wash-sale rules, and the exemption of qualified dollar stablecoins.
- Lawmakers are discussing delaying the taxation point for mining and staking rewards until the assets are actually sold, but passage this year and final enactment by 2026 remain unclear.
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The US House of Representatives is set to review a tax bill that would exempt cryptocurrency network and transaction fees of less than $10 from taxation. Users who made more than 5,000 crypto transfers in the prior year would be excluded from the benefit.
Crypto media outlet NewsBitcoin reported on Sept. 15 that House Ways and Means Committee Chairman Jason Smith released the 114-page Digital Asset Tax Certainty Act, or H.R. 10357. The House Ways and Means Committee is scheduled to take up the bill at 10 a.m. on Sept. 16.
The legislation would exclude from taxation network and transaction fees under $10 incurred during blockchain transactions. Users whose crypto transfers exceeded 5,000 in the previous year would not qualify, meaning existing reporting requirements would remain in place for high-frequency traders and automated trading strategies.
The bill also includes provisions to tighten wash-sale rules for digital assets. Under current rules, crypto investors can recognize a tax loss even if they repurchase the same asset immediately after realizing that loss. The measure proposes applying wash-sale rules similar to those governing stocks, while exempting qualified dollar stablecoins.
Lawmakers are also discussing deferring taxation on crypto received through mining and staking until the assets are actually sold. However, Republican members of the House Ways and Means Committee are considering removing that provision or limiting the tax deferral period to five years, the report said.
The bill remains at the committee-review stage, and its chances of becoming law this year are unclear. NewsBitcoin said the House calendar before November is tight, making final passage by 2026 difficult as well.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.