House committee releases sweeping crypto tax bill ahead of Wednesday markup

The House committee released a crypto tax bill ahead of Wednesday's markup, embedding a wash-sale rule for digital assets. A loss can be disallowed if the seller acquires the same or substantially identical asset within 30 days before or after the sale (fact:F3).

The bill pairs that restriction with relief for minor transaction costs. A qualifying network or transaction fee paid in crypto of $10 or less would not require recording a gain or loss (fact:F1). Treasury would also treat the redemption value as the tax basis for qualifying U.S. dollar stablecoins acquired close to the $1 peg (fact:F5).

The source article notes that income from mining and staking generally counts as ordinary income, though certain investment trusts can stake holdings without that activity affecting their tax status. The article also details a simplified annual accounting option for widely traded digital assets, allowing taxpayers to opt into a less frequent reporting schedule.

Both the $10 fee provision and the simplified annual accounting change are set to start in 2028 (fact:F2). The legislation would require the Treasury Department to establish a Digital Asset Voluntary Disclosure Program within 12 months of enactment (fact:F4). The article specifies that qualifying taxpayers could amend earlier returns to settle tax, interest, and penalties owed. The committee releases this framework just before the floor vote, positioning these specific thresholds as the operational core of the proposed regime.