On June 9, 2026, the U.S. House Ways and Means Committee unveiled six standalone draft bills targeting digital asset taxation — the most significant crypto legislative push out of Washington this year. Eleanor Terrett broke the story ahead of a 2pm ET hearing. Four expert witnesses testified: Sarah Reilly (Fidelity), Lawrence Zlatkin (Coinbase), Jason Somensatto (Coin Center), and Mike Kaercher (NYU Law's Tax Law Center).
What Each Draft Proposes
The drafts address key pain points.
Charity deduction: Allow donors to treat crypto gifts like cash for tax write-offs. Mining & staking confirmation: Define when miners and stakers owe tax on earned tokens. Less paperwork: Cut reporting requirements for everyday users. Parity rules: Grant digital assets the same treatment as traditional financial assets. Voluntary disclosure: Let holders past issues without harsh penalties. Closure of loopholes: Apply existing laws to stop digital asset tax avoidance. A separate discussion draft targets offshore shelters.
Democrats Push Back on Deferred Taxation
House Democrats raised concerns about the second draft (mining & staking rules). Their worry: mining companies could use deferred taxation to avoid paying taxes altogether. Bipartisan agreement remains far off, according to hearing discussions.
CLARITY Act Timeline
Beyond tax drafts, the White House is targeting July 4, 2026 as a milestone for the CLARITY Act. This broader regulatory bill aims to open doors for institutional investors — think large banks and funds — to enter crypto. Lawmakers view it as a companion to the tax drafts. Industry voices (Zlatkin, Somensatto) actively shaped proposals. The inclusion of a voluntary disclosure draft suggests lawmakers want compliance, not just punishment. Participation from Fidelity reflects growing institutional hunger for clarity, while NYU Law's role adds academic rigor.
This wave of crypto bill news shows Washington is serious. Holders and miners alike should watch the Ways and Means Committee in coming weeks.