UPDATE: US House crypto tax proposal targets stablecoins, lending and fees, omits deferral for mining and staking rewards

A US House crypto tax bill targeting stablecoins, lending, and transaction fees raises near-term regulatory and compliance risk for crypto intermediaries and on-chain activity. While the omission of tax deferrals for mining and staking rewards reduces potential relief for yield and validation-related strategies, the broader focus is transactional taxation, which could affect liquidity, reporting burdens, and market structure expectations across major cryptoassets.