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      US House Committee Advances Comprehensive Crypto Tax Legislation

      The House Ways and Means Committee in the United States has voted 38-5 to advance the Digital Asset Tax Certainty Act, known as H.R. 10357, marking a significant step towards a potential overhaul of cryptocurrency tax regulations. Introduced by Representative Jason Smith (R-MO) on September 14, the bill aims to address longstanding issues surrounding the tax treatment of small transaction fees in the rapidly evolving digital asset landscape.

      One of the key features of the legislation is a de minimis exemption that allows users to avoid recognizing gains or losses on digital asset transactions involving network fees of $10 or less, provided they have not exceeded 5,000 such transfers in the previous year. Additionally, the bill seeks to simplify accounting for widely traded digital assets, with new rules set to take effect in 2028, and expands wash-sale rules to include most traded digital assets, which could impact trading strategies significantly.

      The Joint Committee on Taxation estimates that the bill could generate approximately $500 million in net revenue from fiscal years 2027 to 2036. This figure is modest compared to the current U.S. digital assets market, which exceeds $2 trillion in value. The bipartisan support for the bill, with eight representatives co-sponsoring it, suggests a strong likelihood of its passage in the House of Representatives.

      If enacted, the Digital Asset Tax Certainty Act would represent the most substantial legislative action on cryptocurrency taxation since the broker reporting requirements introduced in the 2021 infrastructure bill. The proposed changes could reshape how investors and participants in the digital asset space approach their financial strategies, particularly concerning tax-loss harvesting and the treatment of staking and mining activities.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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