US House Advances Digital Asset Tax Certainty Act

The House Ways and Means Committee voted 38‑5 to approve H.R. 10357, the Digital Asset Tax Certainty Act, marking the first time a tax‑writing panel has cleared a comprehensive federal tax framework for digital assets.

Key Provisions

• Provides a $10 exemption for qualifying network and transaction fees paid with crypto, eliminating gain or loss recognition for those fees.
• Introduces wash‑sale and constructive‑sale rules for digital assets, closing a current loophole that allows loss harvesting without restriction.
• Creates simplified accounting methods for widely traded digital assets and specific treatment for U.S. dollar‑pegged stablecoins.
• Sets tax rules for crypto lending, mining, staking, broker reporting, and charitable contributions of digital assets.
• Establishes a voluntary disclosure program for taxpayers to correct past reporting errors.

Impact on Taxpayers

Taxpayers would no longer recognize a gain or loss when using crypto to pay qualifying fees up to $10, but all other disposals remain taxable under existing property rules. The bill also requires expanded record‑keeping and broker reporting via Form 1099‑DA.

Revenue Estimates

The Joint Committee on Taxation projects the bill would generate a net $500 million in revenue from FY 2027‑2036, with wash‑sale provisions contributing about $1.71 billion and the small‑fee exemption reducing revenue by roughly $2.37 billion.

Legislative Path

After clearing the committee, the measure must be approved by the full House and then matched by the Senate before reaching the president. The vote followed a Senate procedural defeat of the separate CLARITY Act, which addresses market‑structure regulation.