US HOUSE JUST ADVANCED A MAJOR CRYPTO TAX BILL. 💀
The U.S. House Ways and Means Committee has just passed the Digital Asset Tax Certainty Act (H.R. 10357) by a vote of 38–5, moving the bill to the next stage for consideration by the full House.
Key points:
• $10 or less: certain network fees may be exempt from recognizing taxable gains/losses, if conditions are met
• Expands wash-sale and constructive-sale rules to digital assets
• Clarifies how income from mining and staking is calculated
• Includes new provisions for stablecoins, lending, and broker reporting
• Establishes a voluntary disclosure program for digital assets
Two amendment proposals by Representative Lloyd Doggett—on 1099 reporting for DeFi/non-custodial platforms and research into the power/energy impact of crypto mining—were both rejected.
Important: this is not yet law. The bill still has to pass the full House, the Senate, and be signed by the President to take effect.
Congress: “We need crypto tax clarity.”
Crypto traders: “Please define ‘clarity’ very carefully.” 💀
After the 38–5 vote, the next question is whether H.R. 10357 can move forward through the full House and then pass the Senate.
#cryptouniverseofficial #bitcoin #cryptotax
$BTC
The U.S. House Ways and Means Committee has just passed the Digital Asset Tax Certainty Act (H.R. 10357) by a vote of 38–5, moving the bill to the next stage for consideration by the full House.
Key points:
• $10 or less: certain network fees may be exempt from recognizing taxable gains/losses, if conditions are met
• Expands wash-sale and constructive-sale rules to digital assets
• Clarifies how income from mining and staking is calculated
• Includes new provisions for stablecoins, lending, and broker reporting
• Establishes a voluntary disclosure program for digital assets
Two amendment proposals by Representative Lloyd Doggett—on 1099 reporting for DeFi/non-custodial platforms and research into the power/energy impact of crypto mining—were both rejected.
Important: this is not yet law. The bill still has to pass the full House, the Senate, and be signed by the President to take effect.
Congress: “We need crypto tax clarity.”
Crypto traders: “Please define ‘clarity’ very carefully.” 💀
After the 38–5 vote, the next question is whether H.R. 10357 can move forward through the full House and then pass the Senate.
#cryptouniverseofficial #bitcoin #cryptotax
$BTC
