The story

The U.S. House Ways and Means Committee released a 114-page crypto tax bill on Monday ahead of a Wednesday markup hearing. The Digital Asset Tax Certainty Act, H.R. 10357, does not include a provision from Representative Mike Carey's Tax Clarity for Mining and Staking Act that would have allowed miners and stakers to defer taxation of rewards until tokens are sold. Without it, mining and staking rewards remain taxable when received or brought under the recipient's control, potentially before being sold for cash.

The bill would prevent taxpayers from recognizing gains or losses when crypto is used to pay network or transaction fees of up to $10. It proposes special tax treatment for qualifying U.S. dollar stablecoins and would allow qualifying digital asset loans to occur without being treated as taxable sales. Other provisions include simplified accounting for widely traded crypto assets, extending wash-sale and constructive-sale rules to crypto, and establishing a voluntary disclosure program for taxpayers seeking to correct earlier digital asset tax violations.

Democratic Representative Steven Horsford told Punchbowl that he supports the latest text and said it will get bipartisan sign-off. The markup comes the same day the Senate is considering whether to advance the CLARITY Act, which would determine how the SEC and CFTC divide oversight of the U.S. crypto market. In June, the committee held a hearing on digital asset taxation featuring witnesses from Coinbase, Fidelity, Coin Center, and NYU Law's Tax Law Center.