US House committee advances crypto tax overhaul

The US House Ways and Means Committee has advanced a bill that would update federal tax rules for digital assets after a 38–5 bipartisan vote on Wednesday. The Digital Asset Tax Certainty Act would cover areas including stablecoins, mining, staking, crypto lending, transaction fees, and other digital asset activity. It would also create special tax treatment for certain dollarpegged stablecoins and some lending agreements, extend washsale rules to widely traded digital assets, and set new rules for mining and staking income. The proposal includes a smallfee exemption that would let taxpayers avoid recognizing gains or losses when digital assets are used to pay qualifying network or transaction fees of $10 or less. The measure now moves to the full House for further consideration. The committee vote came one day after the Senate failed to advance the broader CLARITY Act, which would have created a wider federal regulatory framework for digital assets. In response, SEC Chair Paul Atkins and CFTC Chair Michael Selig said their agencies would continue working on crypto regulation under existing authority.