Seven Crypto Tax Bills on Table
The U.S. House Ways and Means Committee is set to debate a package of seven draft bills on digital asset taxation on June 9, marking the most extensive legislative review of crypto tax rules in years. The bills, circulated by Republican leadership ahead of Tuesday’s hearing, target a range of issues including small transaction exemptions, mining and staking income, stablecoin activity, network fees, and even the appraisal of crypto donations. The committee’s approach—considering seven separate measures in a single session—has not been used for digital assets in recent memory, signaling a notable shift in congressional strategy.
Alison Mangiero of the Crypto Council for Innovation described this multi-bill format as “significant,” while Cody Carbone from the Digital Chamber emphasized ongoing collaboration to refine these drafts and provide clarity for taxpayers navigating the growing digital asset landscape.
Small Transactions Could Escape Tax Net
One of the core issues under scrutiny is whether everyday crypto transactions should be taxed at all. Among the proposals is a “de minimis” exemption that would spare small transactions from reporting requirements—a move long sought by both users and industry advocates. However, the specifics remain contentious: while the Digital Asset PARITY Act introduced in May suggests a $200 threshold for stablecoin transactions only, it notably omits Bitcoin and other cryptocurrencies from similar relief. Senator Cynthia Lummis has separately pushed for a $300 exemption for Bitcoin transactions, reflecting ongoing negotiations between House and Senate committees.
The Digital Asset PARITY Act, introduced in May 2024, sets a $200 reporting threshold for stablecoin transactions but excludes Bitcoin.
On paper, these thresholds promise simplicity; in practice, many common crypto purchases could still be subject to tax paperwork.
The bills also propose reducing paperwork burdens more broadly. For example, one draft would allow up to 5,000 annual exemptions for network transaction fees up to $10 each—potentially streamlining taxes for frequent users who pay blockchain fees with every transfer.
See Also
Mining, Staking Gains Face New Rules
Another major theme is how gains from mining and staking—two ways of earning crypto by supporting blockchain networks—should be taxed. Currently, mined or staked tokens can trigger income tax at the moment they are received, even if the holder does not immediately sell them. One draft bill would let taxpayers choose whether to pay taxes when they receive these tokens or wait until they actually sell them for cash or another asset. This change could have significant implications for individuals and businesses that earn tokens as part of network operations rather than through traditional trading.
A separate bill—the Tax Clarity for Mining and Staking Act—would go further by exempting such tokens from taxable income altogether until they are sold. This approach aims to treat digital assets more like other forms of property or inventory rather than immediate income.
State-Level Moves: Illinois' 0.2% Crypto Tax
While federal lawmakers debate new rules in Washington, state governments are also moving ahead with their own crypto tax policies. On Monday, Illinois lawmakers passed a $56 billion budget that includes a 0.2% tax on digital asset transactions conducted through brokers—a measure expected to raise $60 million for state coffers if signed into law by Governor JB Pritzker. The new levy applies specifically to entities registered as digital asset brokers operating within Illinois’ borders.
Brokers who fail to comply with this requirement after January 1 could face criminal penalties—including up to five years in prison and fines reaching $25,000—as outlined in Senate Bill 3019’s Digital Asset Privilege Tax Act amendment.
It’s uncertain how quickly other states might follow Illinois’ lead with similar broker-focused taxes.
Crypto Industry Seeks Clarity, Fairness
For industry groups like the Digital Chamber and Crypto Council for Innovation, the stakes are high: clear rules could help unlock growth while protecting investors and ensuring compliance. According to coindesk.com, months of engagement between lawmakers and industry representatives helped shape these bills—though bipartisan support will be required before any proposal becomes law. Notably, earlier efforts by Senator Lummis to attach crypto tax reforms to larger spending packages failed last year due to insufficient consensus across party lines.
The current batch of proposals also includes measures like a two-year amnesty program that would allow U.S. crypto holders to self-report unpaid taxes without facing criminal charges if they settle their debts or arrange payment plans—a move designed to bring more participants into compliance voluntarily.
As Congress weighs its next steps on digital asset taxation this week, both supporters and skeptics will be watching closely: will this multi-pronged approach finally deliver clarity where previous efforts have stalled?
Key Learnings
- •The U.S. House Ways and Means Committee will discuss seven crypto tax bills on June 9, covering small transactions and mining/staking.
- •The Digital Asset PARITY Act proposes a $200 reporting threshold for stablecoin transactions only, excluding Bitcoin and other cryptocurrencies.
- •Senator Cynthia Lummis supports a $300 “de minimis” exemption for Bitcoin transactions, per her July 2025 draft bill.
Key variables ahead
The U.S. House Ways and Means Committee will hold a hearing on June 9 to discuss seven draft crypto tax bills, and if any of these proposals—such as the $10 de minimis exemption for network fees or the option to defer tax on mined assets until sale—advance out of committee, it would immediately signal potential momentum for targeted tax relief measures; however, bipartisan support remains necessary for any bill to progress further in Congress.
