The House Ways and Means Committee released a sweeping digital-asset tax bill late Monday, teeing up a Wednesday markup that could mark the first major congressional movement on crypto taxation. The measure — H.R. 10357, the “Digital Asset Tax Certainty Act” — was introduced by Chairman Jason Smith of Missouri and is scheduled for a full committee markup at 10:00 a.m. ET on September 16. The 114-page bill would amend the Internal Revenue Code of 1986 and calls on the Treasury Secretary to issue new regulations and guidance to carry out its changes.
A Long-Sought Exemption for Everyday Transactions
The centerpiece is a de minimis exception that would stop recognizing gain or loss on the payment of network and transaction fees of $10 or less. The carve-out would not apply to anyone who engaged in more than 5,000 digital-asset transfers in the preceding taxable year, according to the bill text. Eliminating taxes on minor transactions has been a top industry request, with advocates arguing the change would make digital assets practical for everyday purchases such as a cup of coffee, since users today must report a capital gain or loss even on small-dollar spending.
Accounting, Staking and Anti-Abuse Rules
Beyond the fee exemption, the bill would create simplified accounting for gains and losses on widely traded digital assets, clarify the treatment of U.S. dollar stablecoin transactions, and set out the source and character of mining and staking income. Other provisions would extend wash-sale and constructive-sale rules to traded digital assets, align the treatment of digital-asset lending and charitable contributions with traditional financial assets, and add broker-reporting requirements, a digital-asset trading safe harbor, and a new Digital Asset Voluntary Disclosure Program.
A Tight Congressional Window
The markup comes as the House prepares to break later this week until after the November election, leaving little time to advance the measure, which means the bill is unlikely to become law this year. The proposal follows earlier crypto-tax efforts from Representatives Steven Horsford and Max Miller, and it lands alongside the separate market-structure debate over the Digital Asset Market Clarity Act. For investors, the bill highlights how crypto taxes currently work and why U.S. crypto legislation remains contested on multiple fronts.
