Cryptocurrency tax bill still under development, US House committee members raise questions

Odaily Planet Daily News: The US House Ways and Means Committee reviewed a series of cryptocurrency tax proposals during a hearing on Tuesday and raised questions about the details of several drafts. These bills aim to reduce the tax reporting burden for crypto users and investors, including exempting tax reporting for micro-gains from small transactions and eliminating double taxation on mining and staking rewards upon receipt and subsequent sale.

However, Democratic members of the committee expressed concerns over provisions allowing miners and stakers to defer taxation of new token income until disposal, arguing it could be exploited by corporate structures to evade taxes permanently. It remains unclear whether these significant cryptocurrency tax legislations can be passed before the end of the current congressional term in 2026.(CoinDesk)