US House Ways and Means Committee Passes Cryptocurrency Tax Bill Targeting Small Transactions

The US House Ways and Means Committee has passed the Digital Asset Tax Clarity Act (H.R.10357), moving it to the full House floor for consideration.

According to CoinDesk, the committee approved the bill with a vote of 38-5 on Wednesday. The legislation aims to reduce tax reporting burdens for everyday small-value cryptocurrency payments while clarifying tax treatment for digital asset income, transfers, wash sales, mining, staking, and brokers.

Notably, the bill includes provisions to exempt small cryptocurrency transactions under $10 from taxation. It will now proceed to full House debate.