House tax panel passes crypto bill with 38-5 vote

CoinDesk reports that the House Ways and Means Committee advanced the Digital Asset Tax Certainty Act on Wednesday. A 38-5 vote in markup sent the legislation to the full House for consideration.

The action followed the failure of the Digital Asset Market Clarity Act in the Senate less than 24 hours earlier. The new bill treats digital assets like other financial products, removing tax burdens on small crypto trades. A central provision sets the small-transactions threshold at $10. Chairman Jason Smith said that without such a rule, buying a cup of coffee "triggers an absurd maze of compliance." The measure also addresses how crypto income is recognized, covering transfers, wash sale rules, mining, staking, and broker requirements.

Rep. Steven Horsford, a Democrat from Nevada, noted the bill's focus on routine payments. "We are establishing basic tax rules for digital assets," he said. "For everyday transactions, the package provides specific treatment for qualifying dollar stablecoins and small network and transaction fees."

Roughly five weeks of congressional work remain before the November elections and the January start of the next session.

Rep. Lloyd Doggett, a Democrat from Texas, criticized the committee’s priorities. "This committee remains the only place in Congress that's rushing to provide favors to this industry," he said.