US House Committee Advances Comprehensive Crypto Tax Reform

The US House Ways and Means Committee has taken a significant step towards rewriting the taxation of digital assets with the circulation of seven draft bills.

The package, which is set to be discussed at a full committee hearing on June 9, targets three key sectors: stablecoins, staking and mining, and crypto lending.

The proposals aim to address various tax-related issues in these areas, including the taxation of routine payment transactions and the deferral of income for validators and miners until they sell rewards.

Beyond these specific measures, the package also includes a proposal to extend securities lending rules to digital assets, which would treat bona fide loans as non-taxable. Additionally, wash sale rules would be applied to crypto for the first time, requiring traders to wait 30 days before claiming a loss and buying back in.