US House Committee Passes Digital Asset Tax Clarity Bill

The US House Ways and Means Committee has passed the Digital Asset Tax Certainty Act (H.R. 10357) by a vote of 38-5, sending it to the full House for consideration.

The bill aims to clarify tax treatment for cryptocurrency transactions, including fees paid in tokens under $10, stablecoins pegged to the dollar, mining, staking, and digital asset lending. It specifies that token payments below $10 will not be treated as taxable income, a change effective from 2028.

The legislation also simplifies tax treatment for stablecoins trading near par value, classifies mining and staking rewards as ordinary income, and extends wash sale rules to digital assets. It includes provisions allowing taxpayers to amend past filings related to digital assets through a voluntary disclosure program.

House Ways and Means Committee Chairman Jason Smith described the bill as the result of over a year of bipartisan discussions, aiming to reduce tax uncertainty for digital assets while improving fairness with traditional financial systems.

The passage comes shortly after the Senate failed to advance the related Clarify Act, which sought to establish a federal regulatory framework for digital assets and clarify SEC and CFTC roles. The Senate voted 49-50 against moving forward with the Clarify Act on May 15.