- Published on
Crypto Tax Bill Clears House Committee After Clarity Act Setback
- Authors
- Name
- DeepHorus
The House Ways and Means Committee approved the Digital Asset Tax Certainty Act on Wednesday, advancing H.R. 10357 to the full House. The markup session was announced Monday, giving lawmakers time to review the proposal and consider amendments. The vote marks a significant step toward overhauling cryptocurrency taxation.
Chairman Rep. Jason Smith (R-Mo.) said the legislation was built on more than a year of bipartisan work. He argued it brings clarity, parity, and workability to digital asset taxation. Smith warned that without action, innovation and jobs could move offshore.
Under the bill, qualifying network or transaction fees of $10 or less would no longer trigger gain-or-loss calculations. This relief would begin in 2028 and apply to eligible fee payments, not small crypto purchases generally. The change addresses the tax burden created by treating digital assets as property.
The proposal also simplifies tax calculations for dollar stablecoins traded near redemption value. Mining and staking rewards would be classified as ordinary income. Certain investment trusts could stake assets without losing their tax status, though an earlier deferral proposal was excluded.
Wash-sale rules would extend to traded digital assets, delaying loss deductions when investors buy substantially identical assets within 30 days before or after a sale. Qualifying crypto loans would not be treated as sales. A new disclosure program would allow eligible taxpayers to correct past returns.
The committee action came one day after the Senate failed to advance the separate Clarity Act on crypto market oversight. The SEC and CFTC have pledged to pursue crypto rules under existing powers. The tax bill still needs approval from both chambers in identical form and the president's signature.
Smith said he looks forward to building on the work as the policies move forward. The bill's path remains uncertain in a divided Congress. For now, the committee vote gives crypto tax reform its clearest momentum in years.
