Why it matters:

The House Ways and Means Committee held a markup on Sept. 16 to advance the Digital Asset Tax Certainty Act by a 38-5 vote.

The big picture:

The markup was a completed House hearing in the 119th Congress, held at 210 Capitol and covering seven bills.

The package addressed digital-asset taxation, tax administration, Alzheimer’s screening, medically tailored meals, insurance-plan comparisons, cobalt-related forced labor and maternal policy.

The Digital Asset Tax Certainty Act would clarify tax treatment for cryptocurrency mining and staking, extend wash-sale and constructive-sale rules to digital assets, and apply present-law straddle rules.

It would also direct the Treasury Department to establish a voluntary digital-asset disclosure program with reduced penalties for participating taxpayers.

The markup came one day after the Senate blocked the CLARITY Act, after the cryptocurrency industry spent two years lobbying for it.

What they’re saying:

Rep. Richard E. Neal said the bill would establish tax rules for digital assets and apply principles used for comparable traditional financial assets.

Neal said more than 67 million people own digital assets and that the market is worth more than $2 trillion.

Rep. Steven Horsford said the package included safeguards against abuse but left questions about the timing of mining and staking income unresolved.

Tom Barthold of the Joint Committee on Taxation described the amendment’s effective dates and technical tax provisions.

Horsford also said the Full House Act would restore a rule allowing taxpayers to deduct wagering losses up to their winnings.

Political stakes:

The Digital Asset Tax Certainty Act advanced through the House Ways and Means Committee after a bipartisan vote of 38 to 5 and would be the first federal law addressing the substantive tax treatment of cryptocurrencies and other digital assets.

The measure includes a wagering-loss provision that would apply retroactively to tax years beginning after Dec. 31, 2025.

Joint Committee on Taxation staff estimated that the amendment and underlying legislation would raise approximately $500 million over fiscal years 2027 through 2036.

The other side:

The bill’s supporters described it as a way to bring digital assets under familiar tax principles, but Horsford said some questions remain for later consideration.

The record also notes pushback tied to President Donald Trump’s industry ties.

What’s next:

It does not state whether the other six bills were ordered reported, whether amendments were adopted, or whether any measure advanced after the markup.

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