On July 16, 2025, the House Ways and Means Committee held a hearing on crypto taxation. Congress and the Administration did not address tax issues in the most recent Digital Asset legislation, as previously discussed here. Among the topics discussed at the hearing were:
1. A De Minimis threshold for Reporting Crypto Income;
2. Modernization of Wash Sale rules in light of Digital Assets;
3. Clarification of the Tax Treatment of Staking and Mining; when is income realized;
4. Rules for Tax Treatment and Tax Reporting for crypto lending; does crypto lending get the same treatment as securities lending;
5. The ability of Digital Asset Traders to elect tax mark to market; and
6. A Tax Framework for (a) charitable contribution of digital assets and (b) inclusion of digital assets in qualified retirement plans;
Committee members expressed their intention to introduce draft tax legislation for digital assets in the near future. So, now is the time to have your say.
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