Crypto tax proposals weighed ahead of Tuesday House hearing
Among the issues US lawmakers are expected to discuss in a digital asset taxation hearing are “de minimis” reporting exceptions for crypto transactions.
The US House Ways and Means Committee circulated seven discussion drafts of bills to address digital asset taxation ahead of a Tuesday hearing on the matter, covering stablecoins, staking, mining and transactions.
Among proposals in the draft legislation are reducing the tax paperwork required for crypto holders, providing clarity for mining and staking tokens and a potential “de minimis” reporting exception for transactions. The seven discussion draft bills preceded a Tuesday hearing on digital asset taxation in the House committee, chaired by Republican Jason Smith.
Crypto industry advocates have been urging US lawmakers to address lessening the reporting burden for taxes on mining and staking as well as eliminating requirements for small crypto transactions through “de minimis” exceptions.