Key facts
- The U.S. House Ways and Means Committee will mark up the Digital Asset Tax Certainty Act on September 16.
- The bill aims to apply Wash-Sale and Constructive-Sale rules to crypto assets.
- The provision addressing taxes on mining and staking rewards was removed from the bill.
- The bill is expected to receive bipartisan support.
- The U.S. House Financial Services Committee will also mark up the Strategic Bitcoin Reserve bill on September 16.
The U.S. House Ways and Means Committee has scheduled a markup vote for the Digital Asset Tax Certainty Act on September 16, marking a significant step toward establishing a comprehensive tax framework for the cryptocurrency industry. The bill, which includes provisions to apply Wash-Sale and Constructive-Sale rules to digital assets, is expected to advance from committee to the House floor. Republicans have removed the Tax Clarity for Mining and Staking Act, which specifically addressed taxes on mining and staking rewards, from the package. This move is intended to garner bipartisan support, with Democratic Representative Steven Horsford indicating his backing for the revised text after previously raising concerns about mining and staking income taxation. On the same day, the U.S. House Financial Services Committee is set to mark up the Strategic Bitcoin Reserve bill. Meanwhile, the Senate is scheduled for a cloture vote on the market structure bill, though its passage remains uncertain as Democrats plan to submit a counterproposal regarding ethics provisions.