New Crypto Tax Bill Introduced in House with Key Exemptions and Provisions

On September 14, House Ways and Means Committee Chair Jason Smith (R-MO) unveiled a comprehensive 114-page crypto tax bill known as the Digital Asset Tax Certainty Act (H.R. 10357). This legislation aims to address various aspects of digital asset taxation, including a notable $10 exemption for blockchain transaction fees.

The proposed bill stipulates that transaction fees below $10 will not trigger a taxable event, although this exemption does not apply to users who executed more than 5,000 transfers in the previous year. Additionally, the bill provides special treatment for qualified US dollar stablecoins, exempting them from wash-sale and constructive-sale rules.

To close existing loopholes, the bill codifies wash-sale rules for cryptocurrencies, aligning them with traditional securities. This change would prevent traders from selling at a loss and immediately repurchasing to claim tax deductions. Furthermore, mining and staking rewards will be classified as ordinary income upon receipt, eliminating the previously proposed deferral of taxation on unique tokens.

The legislation also establishes a framework for digital asset lending, clarifying that loans using crypto as collateral will not trigger taxable events. Simplified accounting rules for widely traded digital assets are included to ease compliance for investors.

This bill reflects extensive discussions and hearings within the Ways and Means Committee, including a dedicated session on June 9, 2026. However, with the November elections approaching, there are concerns that H.R. 10357 may not reach a full floor vote before the legislative session concludes.