The House Ways and Means Committee approved a new crypto tax bill on Tuesday. Lawmakers passed the measure by a 38-5 vote. The crypto tax bill arrives one day after a separate market-structure bill stalled in the Senate.
Committee Approves Crypto Tax Bill
Republican and Democrat lawmakers backed the crypto tax bill after more than a year of negotiations. The legislation creates the first federal tax framework built specifically for digital assets. Committee leaders called the vote a milestone for the panel.
The crypto tax bill carries the formal designation H.R. 10357. It rewrites parts of the Internal Revenue Code covering digital assets. The bill adds a de minimis exemption for small network and transaction fees.
Payments under $10 would avoid gain or loss recognition under the rule. The crypto tax bill also simplifies accounting for widely traded digital assets. It sets special tax treatment for qualifying dollar-pegged stablecoin transactions.
Crypto Tax Bill Keeps Core Rules Intact
The crypto tax bill preserves several existing tax principles for digital assets. Wash sale and constructive sale provisions remain part of the framework. Mining and staking income keep their current tax treatment.
New broker reporting requirements for digital-asset transactions appear in the text. The bill also creates a voluntary disclosure program for taxpayers. Eligible filers could use the program to fix past compliance issues.
Committee members from both parties framed the crypto tax bill as balanced. It combines new relief with continued oversight of digital-asset markets. The panel’s approval sends the bill toward further House action.
Senate Setback Frames the Debate
The Senate failed to advance the CLARITY Act on Monday. The market-structure bill received 49 votes, short of the 60 needed for cloture. The procedural vote blocked debate rather than deciding the bill’s fate.
Senator Thom Tillis switched his vote from yes to no during the count. He changed course only after the bill’s defeat became clear. A senator from the prevailing side can request reconsideration of cloture.
The House committee’s action contrasts with the Senate’s gridlock this week. The crypto tax bill now moves forward while the CLARITY Act waits. Attention now shifts to whether the Senate revisits its vote on market structure.
This article was originally published as House Panel Advances Crypto Tax Bill After Senate Setback on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.