The House Ways and Means Committee has approved the Digital Asset Tax Certainty Act, moving a proposal to rewrite parts of US digital asset tax treatment to the full House. The measure is framed as an effort to make crypto taxation clearer and more workable across routine transactions, rewards, and certain investment structures.

The committee had scheduled a markup for H.R. 10357 to review the bill, consider amendments, and vote on whether to advance it. Its approval came one day after the Senate failed to move the Clarity Act forward, putting the House tax measure in focus even as it still faces a long path before any provisions could take effect.

What the bill would change

The legislation would remove gain-or-loss calculations on qualifying crypto network or transaction fees of $10 or less. That provision is aimed at small fees that can create tax reporting burdens out of proportion to their size.

It would also simplify tax calculations for qualifying dollar stablecoins that trade near their redemption value. In addition, the proposal would classify mining and staking rewards as ordinary income, rather than leaving their treatment less clearly defined within the bill’s current target for reform.

Broader tax treatment in the proposal

Beyond fees, stablecoins, and rewards, the bill would apply wash-sale rules to traded digital assets. It also includes a provision meant to ensure that certain investment trusts can stake assets without losing their tax status.

Another part of the measure would create a disclosure program allowing eligible taxpayers to correct past returns. That would offer a route for some filers to address prior crypto tax reporting without relying only on existing amendment processes.

Committee action and timing

The Ways and Means Committee’s vote sends the Digital Asset Tax Certainty Act to the full House for further consideration. The committee announced the markup process in advance, laying out plans for lawmakers to examine the text, weigh amendments, and decide whether to advance the bill.

Its movement in committee does not change the fact that the proposal remains only a bill. The source article did not indicate final passage dates or broader congressional support beyond the committee action.

What happens next

For the proposal to become law, it would need identical approval from both chambers of Congress and the president’s signature. The Senate’s failure a day earlier to advance the Clarity Act underscores that related crypto legislation can still stall even after gaining attention in one chamber.

The next confirmed step is consideration by the full House. Until both chambers pass matching text and the bill is signed, the changes described in the committee-approved measure remain proposed revisions rather than enacted tax rules.

Source: decrypt.co