The US House Committee will evaluate two bills aimed at changing cryptocurrency tax rules for miners and traders.
The House Ways and Means Committee in the United States is scheduled to review two significant bills on September 16 that propose changes to how taxes are calculated for cryptocurrency miners, investors, and traders.
The bills, identified as H.R. 9175 and H.R. 9172, have not yet been listed for hearings on the committee calendar.
H.R. 9175, dubbed the Tax Clarity for Mining and Staking Act, offers a framework for recognizing tokens obtained through mining and staking as ordinary income. This would allow individuals to either report them based on their fair market value at the time they receive them or defer reporting until the assets are sold.
H.R. 9172, known as the Applying Existing Tax Anti-Abuse Rules to Digital Assets Act, aims to apply existing tax regulations regarding "wash sales" and "constructive sales" to digital currencies. These rules prevent investors from claiming tax deductions on losses from selling a security and then immediately buying it back. This loophole has been utilized by cryptocurrency traders in the U.S. to gain tax benefits.
The Treasury Department estimates that enforcing wash sale rules on digital assets could yield around $23.5 billion in revenue over the next ten years.
In related developments, on September 14, Senate Republicans presented the final version of the CLARITY Act, which imposes stricter regulations on government officials' involvement in the cryptocurrency sector. Former President Donald Trump has endorsed these new regulations ahead of an upcoming procedural vote.
