House committee floats seven crypto tax bills ahead of Tuesday hearing

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 the 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 drafts 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 lessen the reporting burden for taxes on mining and staking, as well as eliminate requirements for small crypto transactions through "de minimis" exceptions.

A draft law released by members of Congress in March and officially introduced in May as the Digital Asset PARITY Act proposed a $200 reporting threshold for stablecoin transactions, but not one for cryptocurrencies like Bitcoin. "We need digital asset tax clarity or activity will never fully onshore," said The Digital Chamber CEO Cody Carbone in response to the PARITY Act. Source: Max Miller

Any bill or amendment to legislation addressing crypto tax policy will need bipartisan support in Congress before being signed into law. Although the House hearing is scheduled for Tuesday, US lawmakers in the Senate are expected to focus on a budget reconciliation bill before considering a digital asset market structure bill called the CLARITY Act.

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According to Wyoming Senator Cynthia Lummis, the House Ways and Means Committee and the Senate Finance Committee were considering a $300 "de minimus" exemption for Bitcoin transactions. The proposed change to capital gains taxes builds on the Wyoming lawmaker's draft bill released in July 2025.

Illinois crypto tax expected to be signed into law soon

This week, the Illinois General Assembly signed off on a $56 billion state budget that included provisions for taxing digital assets. If signed into law by Governor JB Pritzker, crypto users can expect to pay a 0.2% tax on transactions through brokers, who would also have to register with the state.

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