Jason Smith, chair of the U.S. House Ways and Means Committee, has released the 114-page Digital Asset Tax Clarity Act, H.R. 10357, setting up a committee markup for 10 a.m. on Sept. 16. The bill would exempt network or transaction fees below $10 from tax, though the relief would not apply to users who made more than 5,000 transfers in the prior year. A separate companion measure would bring digital assets under wash sale and constructive sale rules while excluding qualified U.S. dollar stablecoins, a change projected to raise $2.074 billion in revenue across fiscal years 2026 through 2036. The companion bill would also let miners and stakers defer income recognition on newly created tokens until sale, with an estimated 10-year fiscal cost of $2.956 billion. Republican members of the committee are considering removing that provision or capping the deferral period at five years.
Jason Smith, chair of the U.S. House Ways and Means Committee, has released the 114-page Digital Asset Tax Clarity Act, H.R. 10357. The committee is scheduled to mark up the bill at 10 a.m. on Sept. 16.
The proposal would exempt network or transaction fees below $10 from tax. That exemption would not apply to users who made more than 5,000 transfers in the previous year.
Companion bill targets wash sale treatment and token income timing
A separate companion bill would apply wash sale rules and constructive sale rules to digital assets, while excluding qualified U.S. dollar stablecoins. It is projected to raise $2.074 billion in revenue over fiscal years 2026 through 2036.
The companion measure would also allow miners and stakers to defer income recognition on newly created tokens until the tokens are sold. The estimated 10-year fiscal cost of that provision is $2.956 billion.
Republican members of the committee are weighing whether to remove the provision or limit the deferral period to five years.
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