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The US House Ways and Means Committee circulated seven discussion drafts of bills to address digital asset taxation ahead of a Tuesday hearing on the matter, covering stablecoins, staking, mining and transactions.<\/p>\n
Among proposals in the draft legislation are reducing the tax paperwork required for crypto holders, providing clarity for mining and staking tokens and a potential \u201cde minimis\u201d reporting exception for transactions. The seven discussion draft bills preceded a Tuesday hearing<\/a> on digital asset taxation in the House committee, chaired by Republican Jason Smith.<\/p>\n Crypto industry advocates have been urging US lawmakers to address lessening the reporting burden for taxes on mining and staking as well as eliminating requirements for small crypto transactions through \u201cde minimis\u201d exceptions. <\/p>\n A draft law released by members of Congress<\/a> in March and officially introduced in May as the Digital Asset PARITY Act proposed a $200 reporting threshold for stablecoin transactions, but not one on cryptocurrencies like Bitcoin.<\/p>\n \u201cWe need digital asset tax clarity or activity will never fully onshore,\u201d said<\/a> The Digital Chamber CEO Cody Carbone in response to the PARITY Act.<\/p>\n Source: <\/em>Max Miller<\/em><\/a><\/p>\n Any bill or amendment to legislation addressing crypto tax policy will need bipartisan support in Congress before being signed into law. Although the House hearing is scheduled for Tuesday, US lawmakers in the Senate are expected to focus on a budget reconciliation bill before consideration of a digital asset market structure bill called the CLARITY Act.<\/p>\n Related: <\/strong><\/em>Israel\u2019s tax authority \u2018disappointed\u2019 in voluntary crypto disclosures: Report<\/strong><\/em><\/a><\/p>\n According to Wyoming Senator Cynthia Lummis, the House Ways and Means Committee and the Senate Finance Committee were considering a $300 \u201cde minimus\u201d exemption<\/a> for Bitcoin transactions. The proposed change to capital gains taxes built upon the Wyoming lawmaker\u2019s draft bill released<\/a> in July 2025.<\/p>\n This week, the Illinois General Assembly signed off on a $56 billion state budget<\/a> that included provisions for taxing digital assets. If signed into law by Governor JB Pritzker, crypto users can expect to pay a 0.2% tax on transactions through brokers, which also must be registered with the state.<\/p>\n Magazine: <\/strong><\/em>Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?<\/strong><\/em><\/a><\/p>\n<\/div>\nIllinois crypto tax expected to be signed into law soon<\/h2>\n