The US House Ways and Means Committee is circulating seven draft bills that would rewrite digital asset tax rules across three sectors: stablecoins, staking and mining, and crypto lending. The package breaks the Digital Asset PARITY Act — introduced on May 19 by Representatives Max Miller and Steven Horsford — into standalone proposals. A full committee hearing on digital asset taxation is set for June 9.
What the PARITY Act would do
The PARITY Act would prevent routine payment transactions from triggering tax reporting. It would also let active traders and dealers elect mark-to-market accounting for digital assets. Separately, the draft would simplify charitable donation rules for liquid tokens while trying to curb abuse from speculative ones.
Staking and mining: addressing phantom income
The staking and mining proposals tackle the phantom income problem head-on. Validators and miners would be allowed to defer income until they sell the rewards — not when they receive them. That's a big shift for anyone running a node or a mining rig. Currently, the IRS treats rewards as income at receipt, even if the price crashes before a sale.
Wash sale rules and lending
For the first time, wash sale rules would apply to crypto. That means a 30-day wait before claiming a loss and repurchasing the same asset. The lending provisions would extend securities lending rules to digital assets, so a bona fide loan wouldn't count as a taxable sale. Both changes align crypto more closely with traditional finance treatment.
The pushback and the price tag
Bitcoin advocates oppose the legislation over its mining provisions. On the Senate side, Cynthia Lummis proposed a $300 de minimis exemption with a $5,000 annual cap, estimating her version would raise roughly $600 million between 2025 and 2034. A prior Senate crypto tax hearing indicated progress on such measures has been slow.
The June 9 hearing will test whether the House can move faster. The committee's draft package is the most concrete legislative push in months — and the industry is watching closely.
