The US House Ways and Means Committee is reviewing seven discussion drafts on digital asset taxation ahead of a Tuesday hearing. The proposals aim to reduce tax paperwork for crypto holders, clarify rules for staking and mining, and introduce a "de minimis" exemption for small transactions.
Industry advocates have pushed for lighter reporting burdens. A previous draft, the Digital Asset PARITY Act, set a $200 threshold for stablecoin transactions but excluded Bitcoin.
Wyoming Senator Cynthia Lummis confirmed that a $300 "de minimis" exemption for Bitcoin gains is under consideration by both the House Ways and Means and Senate Finance Committees.
Any legislation will require bipartisan support. Separately, Illinois lawmakers have approved a 0.2% tax on crypto transactions by brokers, pending the governor's signature.