US House Ways and Means Committee Schedules September 16 Markup of Cryptocurrency Tax Rules

Odaily: The U.S. House Ways and Means Committee is scheduled to hold a markup on September 16 of a series of digital asset tax bills, moving crypto tax legislation toward a full House vote. The markup focuses on two core issues: when miners and stakers should be taxed on newly created tokens, and whether wash sale rules applicable to stocks should extend to digital assets.

The two key bills are the "Mining and Staking Tax Clarity Act" H.R. 9175 and the "Applying Existing Tax Anti-Abuse Rules to Digital Assets Act" H.R. 9172. The former provides that miners and stakers need not pay tax immediately upon receiving new tokens, and can instead pay tax as ordinary income when the tokens are actually sold; the latter extends wash sale and constructive sale rules to actively traded digital assets, closing a tax loophole that crypto traders have exploited for years.