The Digital Asset Tax Certainty Act (H.R. 10357) passed the House Ways and Means Committee this week, “clarifying the tax treatment of mining and staking, and creating parity with traditional financial assets.”
The bill aims to:
- Remove tax barriers to the use of digital assets
- Provides parity between digital assets and comparable traditional financial assets
- Applies existing tax anti-abuse rules to digital assets
- Clarifies the tax treatment of mining and staking
- Directs the Treasury Department to establish a voluntary disclosure program
A fact sheet on the legislation is viewable here.
The legislation garnered solid bipartisan support, with a vote of 38 for and just 5 against.
The Crypto Council for Innovation (CCI) issued a statement praising the bill’s passage, calling it a historic step toward creating a comprehensive statutory framework for taxing digital assets. CCI also noted that the Committee engaged with industry insiders and other stakeholders to draft the legislation.
Alison Mangiero, Chief Strategy Officer and Head of US Policy at CCI, said the bill provides greater certainty for stablecoins and reduces compliance burdens for routine blockchain activity.
“The inclusion of a provision directing the Treasury to develop guidance for reorganizing foreign decentralized autonomous organization (DAO) foundations into domestic corporations through a temporary safe harbor is encouraging. CCI has long encouraged policymakers to address barriers to onshoring digital asset organizations, and we appreciate the Committee’s recognition that clear rules can help bring innovation, investment, and jobs back to the United States.”
Mangiero added that several provisions could be refined, including the timing of income recognition for staking and mining rewards, and broader de minimis relief for everyday transactions.