While the US House of Representative is digging in the policy of digital assets on what is the stylish “crypto week” law next week, the tax policy committee will discuss the right way for crypto taxation.
The Chairman of the House Ways and Means Committee, Representative Jason Smith, announced by hearing on July 16 of the Oversight Subcomm Committee to view “proof steps required to put a tax policy outline on digital possession,” according to a statement on Wednesday.
Crypto taxation will follow the line behind the general regulation of markets And the Oversight of stablecoins As a leading policy issue that is expected to get attention to Congress. The two major legislative efforts are both expected to see the action next week, including a potential home vote to approve the recently passed Senate bill to repair Stablecoin providers.
Taxing the activity of digital assets has long been a millstone around the neck of the industry, as until the crypto taxes get a reliable, rational US tax regime, investors have to deal with uncertainty in their accounting approach. The announcement of hearing at home came to the heel of Senator Cynthia Lummis’s introduction of a bill Last week to the other Chamber of Congress responding to some of the long -standing complaints of cryptocurrency users.
The law of Lummis’ will set a threshold of $ 300 in crypto transactions that will need to be turned into tax calculations, liberating small, daily transactions from capital-limited head-limited headache. And it will also eliminate double crypto taxation given to staking, mining, airdrops and forks, deleting the initial tax when the rewards are received and focused only on taxation obtained from the final sale.
It is unclear what else is on the house, but the Committee led by the Republican is looking for a friendly policy
of the world: ensuring the policy of digital assets built for the 21st century. “
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