As cryptocurrency-related bills from regulating stablecoins to the market as a whole take center stage in Washington, now comes how to tax those assets.
Ahead of a hearing next week to discuss crypto taxation, seven bill proposals are floating from the House Ways and Means Committee that would tackle issues on how to tax stablecoins, staking to mining, and also decrease tax demands for certain transactions.
The Digital Chamber CEO Cody Carbone said the crypto advocacy group looks forward to working with lawmakers to "strengthen the drafts and deliver the tax clarity and fairness digital assets deserve."
"We're encouraged to see the suite of discussion drafts released by the House Ways & Means Committee," Carbone said in a statement. "Next Tuesday's legislative hearing is a welcome opportunity to refine these proposals and keep the bipartisan tax effort moving forward."
Over the past year, Congress has focused heavily on crypto regulation. Lawmakers passed legislation establishing a regulatory framework for stablecoins last year, while attention has increasingly shifted to the Digital Asset Market Clarity Act, or Clarity Act, which would create the first comprehensive federal regulatory framework for the crypto industry.
