Yes — happened yesterday, Sep 16, right after CLARITY failed.$ONE $AVA
*House Ways and Means advanced H.R. 10357 — Digital Asset Tax Certainty Act — 38-5 bipartisan.*
Core points, first federal crypto tax framework:
- *Gas fee de minimis:* No gain/loss if you use crypto to pay *network/transaction fees ≤$10* per transfer. Ends tracking every $0.30 gas as taxable event. Not for service providers doing tx for others, and excludes wallets with >5,000 transfers/year. Effective *Dec 31, 2027* if law passes
- *Mining/staking = ordinary income* — classified as ordinary, not capital gains. Allows investment trusts to stake without losing tax status, but *deferral until sale REMOVED* — so still taxable when received, not when sold. That was industry ask that got cut
- *Other:* Wash-sale rule extended to crypto (can't harvest loss + rebuy same coin in 30 days), stablecoins near peg get simplified accounting, qualified crypto loans not treated as sales, and Treasury must create Voluntary Disclosure Program within 12 months to fix past returns 6a58c9f6
Not law yet — now goes to full House, likely post-election lame duck. WSJ/Politico call future "murky." But as Chair Jason Smith said: "first-ever tax framework" after a year of R+D work, and it passed same week as SEC's tokenized-stock exemption.
This is the cleanup bill crypto tax pros wanted since IRS Notice 2014-21 treated everything as property.#ParadigmDisclosesZECHolding #MemeLaunchpads82%OfArcDayOneVolume
*House Ways and Means advanced H.R. 10357 — Digital Asset Tax Certainty Act — 38-5 bipartisan.*
Core points, first federal crypto tax framework:
- *Gas fee de minimis:* No gain/loss if you use crypto to pay *network/transaction fees ≤$10* per transfer. Ends tracking every $0.30 gas as taxable event. Not for service providers doing tx for others, and excludes wallets with >5,000 transfers/year. Effective *Dec 31, 2027* if law passes
- *Mining/staking = ordinary income* — classified as ordinary, not capital gains. Allows investment trusts to stake without losing tax status, but *deferral until sale REMOVED* — so still taxable when received, not when sold. That was industry ask that got cut
- *Other:* Wash-sale rule extended to crypto (can't harvest loss + rebuy same coin in 30 days), stablecoins near peg get simplified accounting, qualified crypto loans not treated as sales, and Treasury must create Voluntary Disclosure Program within 12 months to fix past returns 6a58c9f6
Not law yet — now goes to full House, likely post-election lame duck. WSJ/Politico call future "murky." But as Chair Jason Smith said: "first-ever tax framework" after a year of R+D work, and it passed same week as SEC's tokenized-stock exemption.
This is the cleanup bill crypto tax pros wanted since IRS Notice 2014-21 treated everything as property.#ParadigmDisclosesZECHolding #MemeLaunchpads82%OfArcDayOneVolume
