The House Ways and Means Committee approved the Digital Asset Tax Certainty Act on Wednesday, advancing the proposal to the full House for consideration.
The committee reviewed H.R. 10357 after scheduling the markup session on Monday, during which lawmakers considered amendments and voted to send the legislation forward. Committee Chairman Rep. Jason Smith (R-Mo.) said the bill resulted from more than a year of bipartisan work.
Key Provisions
The proposal addresses several areas of crypto taxation. For users, it would eliminate gain-or-loss calculations on qualifying network or transaction fees of $10 or less, with relief beginning in 2028.
The bill classifies mining and staking rewards as ordinary income and simplifies tax calculations for qualifying dollar stablecoins traded near their redemption value. It allows certain investment trusts to stake assets without losing their tax status solely for that activity.
The legislation extends wash-sale rules to traded digital assets, generally delaying loss deductions when investors acquire substantially identical assets within 30 days before or after selling. Qualifying crypto loans would not be treated as sales, and eligible taxpayers could correct past returns through a new disclosure program, according to the Joint Committee on Taxation.
Next Steps
The proposal requires approval from both the House and Senate in identical form, followed by the president's signature, before becoming law.
The committee's action followed a separate Senate setback on the Clarity Act, which addresses crypto market oversight. The SEC and CFTC have pledged to pursue crypto rules under their existing powers.
