Overview
- The House Ways and Means Committee held a hearing on Tuesday, June 9, to review six bills and one discussion draft that aim to modernize how the IRS treats digital assets.
- One central proposal would let miners and stakers elect to defer taxation on newly minted tokens until sale, a change Democrats and tax experts warned could be abused or become a hidden tax subsidy.
- A separate bill would create de minimis relief and treat regulated U.S. dollar stablecoins like cash for routine payments, reducing the need to report tiny gains when people spend crypto.
- Other drafts would extend existing anti‑abuse rules such as wash‑sale and constructive‑sale provisions to digital assets and add voluntary disclosure and simplified accounting options to ease compliance.
- Industry witnesses from Coinbase, Fidelity and policy groups urged broader de minimis relief to cut paperwork, but the measures remain draft-stage, likely to be revised, and face an uncertain path to passage before Congress adjourns in 2026.