Svmuu News The U.S. House Ways and Means Committee is preparing legislation to establish a cryptocurrency tax structure, which could be released as early as Friday, followed by a hearing early next week. Ways and Means Committee Chairman Jason Smith has made developing a digital asset tax framework a top priority, with the Treasury Department also involved in the process.
The committee is expected to release seven bills, covering when tokens obtained through mining or staking are taxed, exempting certain stablecoin transactions from capital gains tax, aligning tax treatment of digital assets with securities (including charitable donations), providing a safe harbor for foreign investors to trade U.S. securities without being taxed as domestic corporations, and extending wash sale rules to digital assets. (Bloomberg)