U.S. Congress to Review Crypto Tax Policy as Push for Three New Bills Gains Momentum

The U.S. Congress is set to hold a hearing to debate Crypto tax rules as part of a growing push to consider three new bills.

U.S. Lawmakers To Discuss Crypto Tax Policy

The U.S. Congress will hold a hearing on July 16 to discuss on crypto tax and work on creating updated tax rules for digital assets.

The House Committee on Ways and Means, alongside the Oversight Subcommittee, said they will lead the session titled “Ensuring Digital Asset Policy Built for the 21st Century.” 

The hearing comes as the House prepares to vote on three major crypto bills.

Although the witness list is yet to receive confirmation, the recent Senate talks included Ripple CEO Brad Garlinghouse and leaders from the Blockchain Association and Chainalysis.

Meanwhile, Republicans in the House and Senate are pursuing differing strategies for crypto regulation.

During the debate on former President Trump’s budget bill, Senator Cynthia Lummis suggested removing double taxation on crypto miners and stakers. She later introduced a new bill focused on crypto taxes, even though the earlier one has yet to receive approval.

Congress Kicks Off Crypto Week with Key Bills

Republicans in the House are launching a “crypto week” of legislation, with lawmakers set to discuss the GENIUS Act on payment stablecoins, the Anti-CBDC Surveillance State Act, and the CLARITY Act focused on crypto market structure.

Although the CLARITY Act originated in the House, Senate Banking Committee leaders have signaled plans to introduce their own version by September. Both chambers have proposed versions of the Anti-CBDC bill, but neither has passed.

The GENIUS Act, which passed in the Senate in June, is now up for possible amendments and a full vote in the House. Former President Trump has urged lawmakers to pass a clean version without add-ons, saying he would sign it immediately.