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, seeks to reform how the U.S. tax code treats cryptocurrencies and other digital assets.
The bill addresses taxation issues unique to blockchain technology, including network fees, staking, mining, tokenized assets, and digital-asset lending, rather than bringing crypto closer to traditional financial asset treatment.
Bill Details and Background
The committee has spent months examining digital-asset taxation. In June, it held a legislative hearing featuring representatives from Fidelity, Coinbase, NYU's Tax Law Center, and other organizations. The bill's proposals build on submissions from Senator Cynthia Lummis made last year, which focused on addressing double taxation faced by Bitcoin miners and staking investors.
Key Provisions
The crypto tax bill incorporates several specific changes:
- A "$10 de minimis exemption" for qualifying crypto networks and transaction fees
- Simplified accounting for widely traded digital assets
- Clearer tax treatment for stablecoins and crypto lending
- Extension of wash-sale and anti-abuse rules to digital assets
- Clearer rules for mining and staking income, including international sourcing
- A Digital Asset Voluntary Disclosure Program for taxpayers who previously failed to report crypto correctly, though participants must still pay outstanding taxes and interest
Overall, the bill aims to make crypto taxation more practical while closing loopholes and increasing compliance requirements.
The crypto tax bill's release comes one day before the scheduled vote on the CLARITY Act, which remains pending as bank trade groups have rejected Treasury Secretary Scott Bessent's "deposit flight circuit breaker" proposal.
