US Congress moves forward on digital asset tax and regulatory reforms

The U.S. House Ways and Means Committee is set to review seven tax bills that would overhaul the taxation of digital assets, including stablecoin transactions, staking, mining, crypto loans, wash‑sale rules, charitable contributions and reporting obligations. A hearing on the proposals is scheduled for September 9, with witnesses from Fidelity, Coinbase, the Coin Center and New York University.

Separately, the Senate Banking Committee has passed the CLARITY Act, a legislative package aimed at clarifying the legal status and oversight of stablecoins and other crypto‑related activities, including DeFi regulation. Industry groups such as the Digital Chamber, Blockchain Association and Crypto Council for Innovation have praised the split‑into‑individual bills approach as improving chances of passage, while some banking officials voice concerns about stablecoin yields drawing deposits from traditional banks. Both chambers anticipate further debate before final votes, with the House expected to consider the tax bills after the July 4 recess and the Senate planning additional steps after the November return.

The proposals are viewed as potentially opening the market to larger institutional participants and shaping the future structure of the U.S. digital finance ecosystem.