The U.S. House Ways and Means Committee is scheduled to review a package of digital asset tax legislation on Sept. 16, moving crypto tax measures closer to a full House vote. The discussion will center on two issues: when miners and stakers should be taxed on newly created tokens, and whether wash sale rules used for stocks should also apply to digital assets. Two bills are at the center of the review. H.R. 9175, the Mining and Staking Tax Fairness Act, would let miners and stakers defer taxation on newly received tokens until those assets are actually sold, at which point the income would be taxed as ordinary income. H.R. 9172, the bill applying existing anti-abuse tax rules to digital assets, would extend wash sale and constructive sale rules to actively traded digital assets. According to ChainCatcher, the measure is meant to close a tax loophole that crypto traders have used for years.
According to ChainCatcher, the U.S. House Ways and Means Committee is set to review a package of digital asset tax legislation on Sept. 16, a step that would move crypto tax bills closer to a vote by the full House.
The review will focus on two core questions: when miners and stakers should be taxed on newly created tokens, and whether wash sale rules now used for stocks should be extended to digital assets.
Two bills are central to the review
The two key bills are H.R. 9175, the Mining and Staking Tax Fairness Act, and H.R. 9172, the bill that would apply existing tax anti-abuse rules to digital assets.
Under H.R. 9175, miners and stakers would not be taxed immediately when they receive newly created tokens. Tax would be due when the tokens are actually sold, and the proceeds would be treated as ordinary income.
H.R. 9172 would extend wash sale and constructive sale rules to actively traded digital assets, closing what ChainCatcher described as a tax loophole that crypto traders have used for years.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
