US House Circulates Seven Crypto Tax Drafts Ahead of June Hearing

• The House Ways and Means Committee is circulating seven digital asset tax discussion drafts.
• The package covers stablecoin transactions, mining, staking, lending, wash sale rules, and charitable donations.
• Several drafts break parts of the broader Digital Asset PARITY Act into standalone proposals.

U.S. crypto tax reform is moving back into focus as House lawmakers circulate seven discussion drafts that could reshape how digital assets are taxed. The package targets several long-running compliance issues for traders, miners, validators, lenders, and everyday crypto users.

Notably, the House Ways and Means Committee is preparing to review the proposals before a scheduled June 9 hearing on digital asset taxation. The bills separate broader crypto tax language into smaller measures that can move through Congress individually.

Seven Drafts Target Crypto Tax Rules

The discussion drafts focus on several areas where lawmakers say current tax rules remain unclear for digital asset users. The package covers stablecoin transactions, mining and staking rewards, crypto lending, wash sale rules, charitable donations, and voluntary disclosure for taxpayers with past reporting issues.

One draft shown in the documents carries the title “Less Tax Paperwork for Digital Asset Owners Act.” Its stated purpose is to reduce certain tax compliance burdens tied to digital asset ownership.

Another draft is titled “Tax Clarity for Mining and Staking Act.” That proposal would address income connected to mining and staking digital assets. This area has drawn attention as miners and validators often receive rewards before selling them.

A third draft, the “Providing Analogous Rules for Digital Assets Act,” or “PAR Act,” seeks to clarify how certain trading rules apply to digital assets. The draft language shows lawmakers trying to align parts of crypto taxation with rules already used in traditional markets.

Related: JPMorgan and HSBC Partner with Hong Kong for Tokenized Bonds

Mining Staking and Stablecoins Take Focus

Notably, the proposals would give miners and stakers clearer timing rules on taxable income. Under the reported framework, rewards would not become taxable income until they are sold, easing concerns about taxes on assets before users receive cash proceeds.

Stablecoin transactions also sit near the center of the package. Lawmakers are reviewing how routine payments should be handled under federal tax rules, as small digital asset transfers can create reporting obligations under current treatment.

Meanwhile, crypto lending would receive separate attention. The drafts would extend securities-style lending rules to digital assets, meaning certain qualifying loans would not automatically count as taxable sales.

The package also includes wash sale rules for crypto. If adopted, traders would face a 30-day restriction before buying back assets after claiming a tax loss. Stock investors already follow similar limits, while crypto traders currently operate under different treatment.

Related: Russia Sanctions 17-Year-Old Who Exposed $110B Crypto Money Laundering Network

June Hearing Could Shape Next Step

Additionally, the drafts also include language on charitable donations and foreign tax treatment. One document seeks to source gains from digital asset sales by certain U.S. persons in the United States when significant income tax on those gains is not paid to a foreign country.

Eleanor Terrett reported that the drafts effectively break apart the broader Miller-Horsford Digital Asset PARITY Act and similar legislation from Senator Cynthia Lummis into standalone proposals. That structure may allow lawmakers to debate separate tax questions without forcing one large bill through the committee.

The timing places the drafts ahead of the Ways and Means hearing on crypto taxation. That session could show which proposals have enough support to advance and which provisions may face further revision.