Next week, the U.S. House of Representatives will welcome 'Crypto Week', reviewing a series of cryptocurrency-related bills, with a focus on hearings discussing 'Digital Asset Taxation Policy'.
Jason Smith, chairman of the House Ways and Means Committee and a Republican Congressman, announced on Wednesday that the oversight subcommittee will hold a hearing on July 16, focusing on 'specific actions needed to establish a framework for digital asset taxation policy'.
In addition to voting on the stablecoin regulation bill (GENIUS bill) already passed by the Senate next week, the House will also review cryptocurrency market regulation (CLARITY bill) and a bill to prohibit the issuance of central bank digital currencies (CBDC). Now, the future direction of cryptocurrency tax policy will also become another focus.
For many years, cryptocurrency investors have faced the dilemma of tax uncertainty, with cumbersome filing processes and difficult-to-clarify transaction records, often struggling to navigate tax reporting and accounting treatments.
The news of this hearing comes just as Senator Cynthia Lummis introduced a digital asset tax reform bill last week, proposing specific legislative directions to address several long-standing concerns in the market.
Establish a $300 tax-free threshold: As long as the amount of a single cryptocurrency transaction is less than $300 and the total amount for the year does not exceed $5,000, capital gains tax can be waived, easing small transactions.
Eliminate the double taxation mechanism: For cryptocurrency assets obtained through staking, mining, airdrops, and forks, it is recommended to only tax the final sale to avoid taxation at the initial acquisition.
Although the House has not yet publicly disclosed the specifics of the proposal, it is widely expected that the Republican-led Ways and Means Committee will lean towards promoting a 'friendly' legislative direction for the cryptocurrency industry.
"The House of Representatives will hold a hearing next week to discuss 'Digital Asset Taxation Policy'" This article was first published by (BlockKe).
