House Ways and Means Committee Chair Jason Smith filed a 114-page crypto tax bill on September 14. The proposal exempts blockchain transaction fees under $10, codifies wash-sale rules for crypto assets, and classifies mining and staking rewards as ordinary income upon receipt. The legislation provides special treatment for qualified US dollar stablecoins, excluding them from wash-sale and constructive-sale rules. The markup is scheduled for September 16, though observers doubt the bill will reach a full floor vote before the session ends as November elections approach.
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