The US Senate Financial Committee is set to hold a hearing next week to discuss how digital assets should be taxed – it seems to be in accordance with the White House crypto report released in July.
The hearing will be led by the chair of the committee, Mike Crapo, on Wednesday, along with Coinbase Vice President of Tax Lawrence Zlatkin and coin center policy director Jason Somensatto to testify, According to In the notice released on Wednesday.
It falls on the line with the White House Digital Asset Working Group’s Crypto Recommendations In July, calling on lawmakers to identify crypto as a new class of possession and adapt existing tax policies for security and goods in digital property.
If there is no law being carried out, it calls the Treasury Department and Internal Service To issue a guide that clarifies how Stablecoin payments are taxed and how small amounts of crypto are obtained from airdrops, mining, and staking should be treated.
The IRS to the present Treatment Crypto tokens and cannot be damaged as owned, not money, which means any transaction involving digital possession of this can trigger a tax event that gets taxed if sold or transferred to an income.
Crypto regulation has moved forward significantly since Trump returned to the office in January 2025, as part of an attempt to boost change and maintain talent and constitute for the slow development seen under the Biden Administration, When tax policies are one of many issues Confusing industry players.
Senate financial committee to hear from American tax experts
The panel from Annette Nellen, Chairman of the Digital Asset Tax Task Force at the American Institute of Certified public accountant, The notice is stated.
Related: Top Signs of US Democrat to resist the structure of the crypto market
Andrea S. Kramer, a founding member of Chicago based in Askramer Law, who has a specialty in crypto tax specialty, will also attend.
US senator wants crypto participants from twice taxed
Senator Cynthia Lummis tried to address what she said was “unfair tax treatment” of crypto miners and stakers – explaining that they were being taxed twice: first when they received block rewards and then second when they sold it.
“It’s time to stop this unfair treatment of this tax and ensure that America is the world’s bitcoin and crypto superpower,” Lummis write to X back in late June.
Enchanted Tried to sneeak a provision Responding to the issue of Trump’s reconciliation bill in early July, but it did not appear on the amendments brought to the Senate floor before it passed.
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