U.S. House Panel Clears Digital Asset Tax Certainty Act After Senate Setback for CLARITY Bill

Huoxing Finance reports that on Sept. 17, the U.S. House Committee on Ways and Means approved the Digital Asset Tax Certainty Act in a 38-5 vote and sent it to the full House for consideration. The move came less than 24 hours after the CLARITY Act, a major proposal aimed at shaping the regulatory framework for the crypto market, suffered a pivotal defeat in the Senate. The Digital Asset Tax Certainty Act drew bipartisan backing. The measure would spell out tax rules for digital assets and ease compliance tied to routine cryptocurrency use. Provisions address small transactions, when crypto income is recognized, asset transfers, wash sale rules, mining, staking and broker-related reporting. The bill sets a $10 de minimis threshold so small purchases can be exempted from complex tax calculations, supporting day-to-day payments with digital assets. It also aims to clarify the tax treatment of qualified U.S. dollar stablecoin transactions, along with certain network and transaction fees. The bill faces a tight timeline, with only a limited number of legislative days left in the current session of Congress. If it fails to move forward soon, action could slip to the next Congress. Some opposition has surfaced within the committee. Democratic Rep. Lloyd Doggett criticized Congress for prioritizing crypto industry tax policy and tied the push to the political influence of Trump and the crypto sector.