House Committee Considers Crypto Tax Legislation with De Minimis Exemption
The U.S. House Ways and Means Committee is set to markup the Digital Asset Tax Certainty Act (H.R. 10357) on September 16, which includes a de minimis tax exemption for small crypto transaction fees of $10 or less. The bill aims to clarify how digital assets are taxed by addressing issues such as stablecoins, staking rewards, mining income, and trading activities. The legislation would treat the redemption value of dollar-pegged stablecoins as their tax basis when purchased near that level, classify mining and staking rewards as ordinary income, and extend wash-sale rules to digital assets. It also proposes a Treasury program for taxpayers to amend past returns related to crypto taxes. The bill excludes some earlier provisions supported by industry groups. If passed through the committee and later approved in Congress, this legislation could significantly impact how individuals and businesses report and pay taxes on cryptocurrency activities.
Topics: crypto digital assets legislation tax policy