US Cryptocurrency Tax Law 'Gains Momentum'...Mining and Staking Taxation Ultimately Excluded

▲ Bitcoin (BTC), cryptocurrency regulation, tax/AI generated image

As the U.S. House of Representatives accelerates the overhaul of the cryptocurrency tax system, the Digital Asset Tax Clarity Act is set to face its first hurdle on September 16.

According to Coingape on September 15 (local time), the U.S. House Ways and Means Committee will review seven bills, including the Digital Asset Tax Clarity Act, on the 16th. Republicans are pushing to pass the bill to the House floor after committee review. This bill is considered the first major legislative step to establish a comprehensive tax system for the cryptocurrency industry.

The bill contains several tax provisions, including H.R. 9172. The core content is to apply the wash sale rule and constructive sale rule, which are applied to traditional assets, to cryptocurrencies as well. On the other hand, Republicans excluded H.R. 9175, which deals with the taxation of mining and staking rewards, from the package. This provision emerged as a point of contention during negotiations with the Democrats.

The possibility of bipartisan passage has also increased. Democratic Congressman Steven Horsford expressed support for the latest bill's wording and predicted it would receive bipartisan agreement. Horsford had previously raised concerns about the taxation method for mining and staking income but changed his stance after the relevant key provisions were excluded.

On the same day, the U.S. House Financial Services Committee will also review the Strategic Bitcoin Reserve Act. The U.S. Reserve Modernization Act of 2026 is one of nine bills the committee will examine. In the Senate, a cloture vote on the U.S. Cryptocurrency Market Structure Act is also scheduled, marking a watershed moment for legislation related to cryptocurrency taxation, market structure, and Bitcoin reserves simultaneously.

[Key Summary of the Article]

-The U.S. House Ways and Means Committee will review the Digital Asset Tax Clarity Act on September 16.

-It includes applying traditional financial wash sale and constructive sale rules to cryptocurrencies, but the provision for taxing mining and staking rewards has been excluded.

-With a key Democratic lawmaker supporting the amendment, the possibility of bipartisan committee passage of the bill has increased.

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