ChainCatcher report, according to Crypto In America, the U.S. House Committee on Ways and Means will hold a hearing this Tuesday on cryptocurrency tax reform, reviewing seven draft proposals covering stablecoin transactions, mining and staking, crypto lending, wash sale rules, charitable donations, and taxpayer disclosures—effectively splitting the previously proposed Digital Asset Equality Act into multiple standalone bills. Meanwhile, negotiations on the Senate’s CLEAR Act continue, with Senator Lummis indicating the bill is more likely to advance after Congress reconvenes on July 13. Key points of contention include ethical provisions, DeFi regulatory language, and stablecoin yield rules; the banking industry continues to lobby against the stablecoin yield provision, while over 200 crypto organizations have jointly signed a letter urging swift legislative action. Additionally, Illinois is proposing a 0.2% tax on digital asset transactions, prompting strong opposition from industry groups warning that such a measure could drive crypto businesses out of the state.
U.S. House Committee to Review Seven Crypto Tax Reform Proposals
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Summary
The U.S. House Ways and Means Committee will review seven crypto tax reform proposals on Tuesday, including those addressing stablecoin transactions, mining, and staking. These drafts divide the Digital Asset Equality Act into separate bills. Meanwhile, Senate discussions on the Clarity Act continue, with key disagreements remaining over ethics provisions and DeFi language. Over 200 crypto groups are urging faster legislative action. Illinois plans to impose a 0.2% tax on digital asset transactions, drawing strong opposition from on-chain news outlets and industry groups.
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