WuBlockchain
The U.S. House Ways and Means Committee plans to review two crypto tax bills on Sept. 16. If approved, both measures would advance to the House floor.
The Mining and Staking Tax Clarity Act would defer taxes on newly generated tokens until disposal while treating the income as ordinary income. Republicans are reportedly considering removing the deferral or limiting it to five years.
The Applying Existing Tax Law Anti-Abuse Rules to Digital Assets Act would extend wash-sale and constructive-sale rules to digital assets. It would exclude assets earned through mining or staking, along with eligible U.S. dollar-denominated stablecoins.
Source: [US House Ways and Means Committee sets Sept. 16 markup for crypto tax rules — Crypto Briefing](https://cryptobriefing.com/house-ways-means-crypto-tax-markup/)
Frequently asked questions
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What would happen if both bills are approved by the committee?
Both measures would advance to the House floor.
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How would the Mining and Staking Tax Clarity Act change tax timing?
It would defer taxes on newly generated tokens until disposal, while treating the resulting income as ordinary income.
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What deferral change are Republicans reportedly considering?
They are reportedly considering removing the deferral provision or limiting it to five years.
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Which anti-abuse rules would the second bill extend to digital assets?
It would extend wash-sale and constructive-sale rules to digital assets.
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Which assets would be excluded from the second bill's scope?
The bill would exclude assets earned through mining or staking and eligible U.S. dollar-denominated stablecoins.
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