House Ways and Means Committee drafts crypto tax changes ahead of June 9 hearing

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House drafts crypto tax changes

Highlights

House Ways and Means Committee circulates seven crypto tax bill proposals ahead of June 9 hearing, addressing stablecoins, staking, mining, and de minimis network fee thresholds.
Recent Congressional drafts propose exempting digital asset gains under $300 and regulated stablecoin transactions under $200 from taxation, indicating bipartisan momentum for simplified crypto tax rules.
The IRS's new digital asset reporting system created investor confusion last tax season, increasing pressure on lawmakers to clarify and streamline crypto tax compliance.

Draft proposals set agenda for June 9 hearing

As reported by The Block, seven bill proposals are circulating from the House Ways and Means Committee ahead of a June 9 hearing on crypto taxation, targeting issues such as how stablecoins, staking and mining are taxed. The draft text also points to de minimis limits for network fees and simpler accounting for gains and losses.

Cody Carbone, chief executive of The Digital Chamber, says the industry group is encouraged by the release of the discussion drafts and wants to work with lawmakers to refine them. In a statement, he says the hearing offers a chance to strengthen the proposals and continue a bipartisan effort to bring more clarity and fairness to digital asset taxation.

A spokesperson for the committee did not respond to a request for comment on next steps or on whether any crypto tax measures would be folded into legislation that must pass this year.

Congress expands crypto policy beyond regulation

Congress has spent much of the past year focused on crypto regulation, including legislation on stablecoins and growing attention to the Digital Asset Market Clarity Act, which would create a broader federal framework for the industry. The new tax push shows lawmakers are also trying to address how digital assets are treated in routine financial activity.

Recent proposals in both chambers have already moved in that direction. Senator Cynthia Lummis last year introduced legislation that includes a provision excluding gains or losses under $300 from taxation and states that digital asset lending is not a taxable event, while Representatives Max Miller and Steven Horsford released a draft in December to exempt certain regulated dollar-pegged stablecoin transactions under $200 from capital gains taxes.

Tax treatment remains a major operational issue for the sector. The Internal Revenue Service introduced a new reporting system during the past tax season that confused investors, underscoring the pressure on Congress to simplify compliance as digital asset use broadens.

Our earlier report on the risk-off market session highlighted how crypto-linked stocks slid as bitcoin briefly fell below $60,000, weighing on names like Coinbase, Robinhood and Strategy. We also noted the broader rotation into defensive sectors and the pressure on growth shares, showing how quickly sentiment can shift for digital-asset exposure in traditional markets.

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