The United States House Ways and Means Committee has circulated drafts of seven new bills on cryptocurrency taxation to its members ahead of this week’s policy hearing, offering the first roadmap for which tax issues may come into focus for the industry in the near future.
Key tax issues: Staking, mining, stablecoin transactions
As one of the legislature’s most influential groups for crafting tax policy, the committee’s drafts are seen as more than a technical exercise—they signal the potential directions that could shape the U.S. tax approach to crypto assets. The draft proposals include topics such as taxation of staking and mining revenues, exemptions for low-value transactions, and the use of stablecoins.
It remains uncertain whether these proposals will become law in the short term. Both the House of Representatives and the Senate are currently focused on other priorities, making it unclear how much progress will be made on these topics within the 2026 legislative calendar. Nevertheless, the mere existence of these drafts and their inclusion on the official agenda are seen as signs of forward movement in the process.
Alison Mangiero, speaking on behalf of the Crypto Council for Innovation, noted that the committee’s decision to release seven draft bills and schedule a full committee legislative session for June 9 is significant, even from a procedural standpoint. She highlighted that this collaborative work with expert witnesses on actual bill texts is a format the committee has not used for many years.
Industry response: A crucial first step
Alison Mangiero, who oversees public policy and government affairs at the Crypto Council for Innovation, described the release of the proposals as an “important first step” for the sector. According to Mangiero, these bills could become a third cornerstone for crypto regulation, alongside the GENIUS Act, which addresses stablecoin oversight, and the market structure-focused Clarity Act.
Mangiero also said the package includes several priorities the industry has long advocated. Among these are a reasonable tax treatment for stablecoins aligned with the GENIUS Act, transaction exemptions for routine, low-value network operations, securities lending and fair market value taxation provisions for frequently traded digital assets, and explicit tax rules for mining and staking rewards.
Stablecoin accounting debate continues
Meanwhile, the U.S. Financial Accounting Standards Board’s investor advisory committee recently discussed whether stablecoins qualify as cash equivalents—a key question for accounting treatment. According to notes from the meeting, the committee generally agreed that recognizing an asset as cash-equivalent should meet a “high threshold.”
Mini glossary: A cash-equivalent asset is a financial instrument that can be quickly converted to cash and carries minimal risk of value change. Whether stablecoins qualify may affect how companies report them on their balance sheets.
However, members of the committee could not agree on what information would be most useful for investors. This shows that stablecoins remain a topic of debate not only for tax purposes, but also in terms of financial reporting and balance sheet classification.
Eyes on the June 9 session
The House Ways and Means Committee session focused on crypto tax policy is scheduled for June 9. During that hearing, observers expect greater clarity on which sections of the drafts will receive support, proposed amendments, and the committee’s potential next steps.
