US House panel advances broad crypto tax bill

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The US House Ways and Means Committee has released a broad crypto tax bill ahead of its scheduled markup on Wednesday, seeking to clarify federal tax rules for digital assets.

The Digital Asset Tax Certainty Act was introduced by committee Chair Jason Smith and combines several proposals discussed by lawmakers during a June hearing.

The bill would create a $10 de minimis threshold for certain crypto transaction fees. Users paying qualifying network or transaction fees in cryptocurrency below that amount would not need to calculate a gain or loss.

It also sets tax rules for qualifying US dollar stablecoins that trade slightly above or below their $1 peg. In certain cases, the redemption value would be treated as the asset’s tax basis when it was acquired close to that value.