The U.S. Congress has recently accelerated discussions on adjusting the tax framework for digital assets. The House Committee on Ways and Means has released seven draft proposals on cryptocurrency taxation, covering topics such as DeFi lending, stablecoin payments, staking, mining, and anti-tax avoidance rules for trading. These issues are expected to be thoroughly discussed at the hearing on June 9.
The draft has been divided into seven topics.
These documents are still draft texts and not formal legislation, but they indicate the legislative direction. Unlike previous efforts that bundled multiple items together, this draft addresses each specific scenario separately, covering stablecoins, mining, staking, DeFi lending, wash sale rules, charitable donations, and voluntary disclosure mechanisms.
DeFi and stablecoins take center stage
The report cited cryptocurrency journalist Eleanor Terrett, stating that the draft specifically addresses the tax treatment of DeFi lending. This area has long lacked clear guidelines, and there has been ongoing debate over how on-chain lending should be classified as taxable events under U.S. tax law.
The stablecoin segment receives greater attention in payment scenarios. The draft proposes that certain low-value payments may be subject to tax treatment different from that of speculative trading. If stablecoins are used for payments, their tax characteristics may be more similar to cash than to general cryptocurrency trading.
- Tax treatment of DeFi lending
- Low-value stablecoin payments may be treated differently
- The hearing is scheduled for June 9.
Anti-tax avoidance rules may be extended to crypto assets
The new draft also includes several anti-abuse measures. According to reports, the proposal aims to extend the wash sale rule and the constructive sale rule to cryptocurrency transactions, bringing digital assets closer to traditional financial markets in terms of tax regulation.
This means that quickly repurchasing similar assets after selling at a loss, or using specific structures to lock in gains in advance, may face stricter limitations in the future. For the market, such changes will directly impact trade reporting and tax planning strategies.
Staking and mining still require further clarification.
Tax treatment of staking rewards and mining income remains a key focus of this round of discussions. The draft also addresses charitable donations and filing requirements, and establishes a voluntary disclosure mechanism for taxpayers with historical filing issues.
Previously, 18 bipartisan lawmakers requested the IRS to revisit its 2023 staking tax guidance before the 2026 tax year. As the hearing approaches, the treatment of U.S. cryptocurrency taxation in three scenarios—payments, transactions, and on-chain earnings—may gradually become clearer.