The 114-page Digital Asset Tax Certainty Act, filed as H.R. 10357, was introduced by House Ways and Means Committee Chair Jason Smith on September 14. The bill addresses taxation of staking rewards, mining, and digital asset lending, with a markup session scheduled for September 16.
The legislation proposes a $10 exemption for blockchain transaction fees, provided the user has executed no more than 5,000 transfers in the previous year. This measure aims to simplify reporting for retail participants by removing tax obligations for small fees.
The bill introduces rules for wash-sales in crypto, aligning them with traditional securities to prevent tax-loss harvesting. Additionally, it clarifies that mining and staking rewards are classified as ordinary income upon receipt, requiring validators to track fair market value immediately.
Qualified US dollar stablecoins are granted special status, including exemptions from wash-sale and constructive-sale rules. The proposed framework also specifies that loans using cryptocurrency as collateral will not trigger taxable events.
The final text excludes a previous proposal that would have allowed for the deferral of taxation on unique tokens. Due to the upcoming November elections and a limited legislative calendar, observers suggest the bill may not reach a full floor vote before the session concludes.
