Bitcoinist 2026-06-06 08:00:09

House Committee Unveils 7 Crypto Tax Drafts—A Major Overhaul Of How Digital Assets Are Taxed

The US House Ways and Means Committee has released a set of seven crypto tax discussion drafts aimed at giving more structure to how digital-asset investors are taxed in the country. The effort is intended to clarify rules around timing and treatment, an area where crypto-related tax questions have often left investors and tax professionals trying to fit new realities into older frameworks. Crypto Tax Framework At Top Priority According to Bloomberg, Ways and Means Chairman Jason Smith has placed establishing a clearer tax framework for digital assets among the committee’s top priorities. While several individual members have introduced proposals addressing various aspects of crypto taxation, the drafts released now are being presented as the first effort backed by the leadership of a House or Senate tax-writing committee. Per the report, the committee is expected to publish seven separate bills covering a range of issues. Among them are questions about when a digital token created through mining or when rewards earned through staking should be taxed. The committee is also weighing potential guidance on how some stablecoin transactions should be treated for tax purposes, including whether certain transactions could be exempt from capital gains tax. Representative Kevin Hern, an Oklahoma Republican and member of the committee, said that addressing the tax timing and treatment of staking and crypto mining is central to what the panel hopes to tackle. The lawmaker also pointed to stablecoin capital gains exemptions as part of the plan. Hern said he expects legislative language to be prepared ahead of a hearing scheduled for Tuesday, next week. Treasury, Commerce, White House Join Talks The package would also extend to wash sale restrictions for digital assets. Those rules prevent investors from claiming tax losses when they sell a security and then repurchase a substantially similar asset within a short window for tax purposes . In this case, the drafts look to apply similar concepts to digital asset activity, including the 30-day timing referenced in existing wash sale rules for securities. Representative Mike Thompson of California, the top Democrat on the Tax Subcommittee, said last month after a tax subcommittee roundtable that lawmakers have to weigh “the risk of doing legislation and the risk of not doing legislation.” Kenneth Kies, the Treasury Department’s top tax official, said last month that Treasury had been working with Ways and Means on the measures, along with the Commerce Department and the White House. On the Senate side, top Republican and Democratic tax writers are also reportedly working on their own legislation addressing how digital assets should be taxed, signaling that lawmakers in both chambers are moving toward a more unified approach—though the details may still differ between proposals. Featured image created with OpenArt; chart from TradingView.com

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