House advances $10 crypto tax threshold

• The US House Ways and Means Committee has advanced a crypto tax bill by 38-5.
• The bill would set a $10 threshold for small crypto transactions and address staking, mining and broker rules.
• The vote has come less than 24 hours after the Senate failed to advance the Clarity Act.

The US House Ways and Means Committee has advanced the Digital Asset Tax Certainty Act by a 38-5 vote.

The bill would create tax rules for small crypto payments and seek similar treatment for digital assets and other financial products.

“We are establishing basic tax rules for digital assets,” said Representative Steven Horsford, a Nevada Democrat.

The legislation would set a $10 threshold for qualifying small transactions and address crypto income, transfers, wash sales, mining, staking and broker requirements.

The committee has advanced the bill less than 24 hours after the Senate failed to advance the Digital Asset Market Clarity Act.

The bill has bipartisan support in the committee, although some lawmakers have criticised the focus on crypto tax rules and industry interests.

The legislation now needs to move through the wider House, with roughly five weeks of congressional work scheduled between the November elections and the next session.