House circulates seven-bill crypto tax rewrite
House Ways and Means circulated seven draft bills to overhaul U.S. crypto tax rules, targeting stablecoin payments, staking and mining rewards, and lending before a June 9 hearing.
The House Ways and Means Committee is circulating seven draft bills that would change how the United States taxes digital assets. Committee staff distributed the drafts internally days before a full committee hearing on digital asset taxation scheduled for June 9.
The package breaks a broader bipartisan tax proposal into separate measures that lawmakers could advance individually. One key draft is the Digital Asset PARITY Act, introduced on May 19 by Representative Max Miller and Representative Steven Horsford.
Under the PARITY Act language, routine payment transactions using stablecoins would not trigger tax-reporting events. The draft also would allow some active traders and dealers to elect mark-to-market accounting for their crypto positions.
Two of the drafts address rewards from staking and mining. Those proposals would let validators and miners defer recognizing income on token rewards until the tokens are sold, delaying taxation until disposal.
The package would extend securities lending rules to digital assets so that a bona fide loan of tokens would not be treated as a taxable sale. The drafts would also apply wash sale rules to crypto, requiring taxpayers to wait 30 days after a loss before repurchasing the same asset to claim that loss.
Drafts include changes to charitable donation rules, simplifying treatment for liquid tokens while tightening limits on donations of highly speculative tokens. The proposals contain reporting and enforcement provisions that some bitcoin community members have opposed because of their potential effect on miners.
A separate Senate proposal from Senator Cynthia Lummis would set a $300 de minimis exemption and a $5,000 annual cap for small-value transactions. Lummis estimates her version would raise roughly $600 million from 2025 through 2034.
Committee staff expect the June 9 hearing to test which drafts can secure bipartisan support and to clarify whether measures will move forward individually or be combined into broader legislation.
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