The House Ways and Means Committee approved the Digital Asset Tax Certainty Act (H.R. 10357) with a 38-5 vote. Introduced by Rep. Jason Smith on September 14, the bill aims to overhaul US crypto tax regulations. It includes a de minimis exemption for network fees of $10 or less, provided the user completes fewer than 5,000 such transfers annually.
The legislation introduces simplified annual accounting for widely traded digital assets, with these provisions scheduled to take effect in 2028. It also establishes new regulatory frameworks for stablecoin basis calculations, digital asset lending, mining, and staking operations.
A significant change involves the expansion of wash-sale rules to cover most traded digital assets, ending the previous exemption that allowed investors to claim tax deductions on immediate repurchases. This shift will impact current tax-loss harvesting strategies used by active traders.
The Joint Committee on Taxation estimates the bill will increase net revenue by approximately $500 million between fiscal years 2027 and 2036. The US digital asset market is currently valued at over $2 trillion, with tens of millions of participants.
