The U.S. House of Representatives Committee on Ways and Means circulated seven bills for discussion on the taxation of digital assets covering stablecoins, staking, mining and trading ahead of Tuesday’s hearing on the matter.
Proposals included in the draft regulations include reducing tax formalities required for cryptocurrency holders, ensuring transparency in token mining and staking, and a potential exception for “de minimis” reporting for transactions. Discussion on seven bills took place before Tuesday hearing on the taxation of digital assets in a House committee chaired by Republican Jason Smith.
Crypto industry advocates are calling on U.S. lawmakers to address reducing the reporting burden on mining and staking taxes, as well as eliminating requirements for compact crypto transactions through “de minimis” exceptions.
A bill released by members of Congress in March and officially introduced in May as the Digital Asset PARITY Act proposed a $200 reporting threshold for stablecoin transactions, but not for cryptocurrencies such as Bitcoin.
“We need transparency on digital asset tax, otherwise the business will never be fully realized on land.” he said Digital Chamber CEO Cody Carbone responds to the PARITY Act.
Source: Max Miller
Any bill or amendment to cryptocurrency tax policy legislation will require bipartisan support in Congress before it can be signed into law. While a House hearing is scheduled for Tuesday, U.S. lawmakers in the Senate are expected to focus on the budget reconciliation bill before considering the Digital Assets Market Structure Act, known as the CLARITY Act.
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According to Wyoming Sen. Cynthia Lummis, the House Ways and Means Committee and the Senate Finance Committee were considering a $300 “de minimus” exemption for Bitcoin transactions. The proposed change to capital gains taxes is based on a bill from a Wyoming lawmaker released in July 2025
A cryptocurrency tax is expected to be passed in Illinois soon
This week, the Illinois General Assembly signed a $56 billion state budget that would include provisions for taxing digital assets. If the bill is signed by Gov. JB Pritzker, cryptocurrency users could expect to pay a 0.2% tax on transactions through brokers, who must also be registered with the state.
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