US House tax committee advances crypto tax overhaul in 38–5 vote

A bipartisan House committee vote advanced legislation that would reshape federal tax rules for stablecoins, staking, crypto lending and digital asset transactions. The US House Ways and Means Committee passed the Digital Asset Tax Certainty Act with bipartisan support on Wednesday, advancing legislation aimed at reshaping the federal tax treatment of digital assets.

The bill advanced in a 38-5 vote and covers stablecoins, mining and staking, digital asset lending, transaction fees and other crypto-related activity.

Among its provisions, the bill would establish special tax treatment for qualifying dollar-pegged stablecoins and certain crypto lending agreements, extend wash-sale rules to widely traded digital assets and establish new rules for mining and staking income.

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Originally published by Cointelegraph. Read the full story at the source →