US House Ways and Means Committee Circulates Seven Crypto Tax Draft Bills

In an important development, the United States House Ways and Means Committee circulated seven discussion draft bills addressing digital asset taxation ahead of a hearing scheduled for June 9, covering stablecoins, staking, mining and transactions.

The draft proposals aim to clarify tax treatment across several areas of the crypto industry, including stablecoin transactions, crypto lending and wash sales to charity organizations. Among the specific measures under consideration are reducing tax paperwork for crypto holders, providing clarity for miners and stakers receiving tokens, and establishing a potential “de minimis” reporting exception for small transactions.

A draft law released by members of Congress in March this year and formally introduced in May as the Digital Asset PARITY Act proposed a $200 reporting threshold for stablecoin transactions, though notably not for cryptocurrencies like Bitcoin. Meanwhile, the Digital Chamber Chief Executive Officer Cody Carbone responded to the PARITY Act noting that the US needs digital asset tax clarity or activity will never fully onshore.

Wyoming Senator Cynthia Lummis said the House Ways and Means Committee and the Senate Finance Committee were considering a $300 de minimis exemption for Bitcoin transactions, building on a draft bill she released in July 2025.

Any bill addressing crypto tax policy will require bipartisan support before reaching the president’s desk. While the House hearing is scheduled for Tuesday, Senate lawmakers are expected to remain focused on a budget reconciliation bill before turning to the Digital Asset Market CLARITY Act.

A floor vote would need roughly 60 votes to get cleared.

Senator Lummis has warned that if the CLARITY Act does not pass this Congress, the United States risks falling behind in the global race for digital finance leadership.

Meanwhile, in a Senate bill included as part of the Illinois state budget last week for the fiscal year 2027, lawmakers proposed a 0.2% tax on crypto transactions. As per reports, the measure included registration requirements for any entity operating as a digital asset broker in Illinois.