US House Committee to Review Crypto Tax Legislation on September 16

The US House Ways and Means Committee has announced a markup session on September 16 to discuss a package of tax legislation focused on digital assets. This session aims to advance two significant bills that address critical issues in cryptocurrency taxation, including tax deferrals for miners and stakers and the application of wash-sale rules to digital assets.

The first bill, known as the Tax Clarity for Mining and Staking Act (H.R. 9175), proposes that miners and stakers should defer recognizing income from newly created tokens until those tokens are sold. Currently, miners may face tax liabilities as soon as they receive tokens, regardless of whether they sell them. The proposed legislation seeks to change this by shifting the taxable event to the point of sale, treating the income as ordinary income only at that time.

The second bill, the Applying Existing Tax Anti-Abuse Rules to Digital Assets Act (H.R. 9172), aims to extend existing wash-sale rules to digital assets. These rules currently prevent investors in traditional markets from claiming tax deductions on losses if they immediately repurchase the same security. By closing this loophole for cryptocurrencies, the federal government could potentially generate an estimated $23.5 billion in revenue over the next decade. The markup follows a June 2026 hearing where industry representatives emphasized the need for clear tax regulations to maintain the US's competitive position in the global digital asset market.

While the proposed legislation has garnered support from some committee members, Democrats have expressed concerns about the need for further analysis before proceeding. The outcome of the markup could determine whether the proposed changes will advance to a full House vote, as the fiscal implications of the legislation may influence bipartisan support.

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Source: KLEA News