The US House Ways and Means Committee has advanced a digital-asset tax bill in a 38–5 vote, sending the legislation to the full House of Representatives for consideration.
The proposal would establish tax rules covering several areas of the crypto market, including qualifying dollar-pegged stablecoins, mining, staking, digital-asset lending and transaction fees. It would also extend wash-sale rules to widely traded digital assets, potentially limiting the ability of investors to immediately claim tax losses after selling and repurchasing an asset.
Proposed exemption for small crypto fees
One provision would create a de minimis exemption for certain crypto payments used to cover network or transaction fees. Taxpayers would not have to recognize a gain or loss when using digital assets to pay qualifying fees of $10 or less.
The legislation’s committee approval comes as lawmakers continue to debate the broader regulatory framework for digital assets. A day earlier, the Senate failed to advance the CLARITY Act, a market-structure bill intended to define the respective responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The Senate cloture vote ended 49–50, short of the 60 votes required to bring the bill to debate on the Senate floor. Senator Cynthia Lummis, chair of the Senate Banking Subcommittee on Digital Assets and a lead sponsor of the legislation, blamed Democrats for the setback, saying they had introduced additional demands after earlier requests were addressed.
Following the Senate vote, SEC Chair Paul Atkins said the agency would continue working within its existing authority. “With or without legislation, we are capable of acting decisively within the SEC’s statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future,” Atkins said.
CFTC Chair Michael Selig likewise said his agency would proceed under its current statutory authority, adding that Americans deserve regulatory clarity, legal certainty and consumer protections in crypto-asset markets.
