US lawmakers to discuss crypto tax policy amid push to pass three bills

Lawmakers in the US House of Representatives are scheduled to hold a hearing on a crypto tax policy framework as part of Republicans’ push to consider bills on central bank digital currencies (CBDCs), stablecoins and market structure.

In a Wednesday notice, leadership on the House Committee on Ways and Means and Oversight Subcommittee said they had scheduled a July 16 hearing to focus on “affirmative steps needed to place a tax policy framework on digital assets.” The event, “ensuring digital asset policy built for the 21st century,” will come as House representatives are expected to vote on three crypto-related bills.

Crypto tax hearing notice for July 16. Source: US House Committee on Ways and MeansIt was unclear at the time of publication what witnesses would be invited to testify at the hearing. The US Senate Banking Committee discussed market structure legislation on Wednesday, hearing from Ripple CEO Brad Garlinghouse, Blockchain Association CEO Summer Mersinger and Chainalysis CEO Jonathan Levin.

Republican lawmakers in both the House and Senate have offered different legislative paths to address regulatory issues affecting the crypto and blockchain industry

During debate over US President Donald Trump’s budget bill, Wyoming Senator Cynthia Lummis proposed a provision to address double taxation for cryptocurrency miners and stakers. The bill passed the Senate without any such amendment, and Lummis submitted a standalone draft bill on digital asset taxation days later.

Related: US CLARITY bill could allow Tesla and Meta to evade SEC rules — Senator Warren

House or Senate to address market structure?

Republicans’ push for a “crypto week” of legislation starting on Monday will see lawmakers in the House discuss the GENIUS Act for payment stablecoins, as well as the Anti-CBDC Surveillance State Act, and the Digital Asset Market Clarity (CLARITY) Act for market structure.

Though the CLARITY Act originated in the House, leadership with the Senate Banking Committee said in June that the chamber intended to proceed with its own plans for crypto market structure, setting a September goal. Two versions of the Anti-CBDC Surveillance State Act were separately introduced in the House and Senate, but neither bill has passed either chamber.

The GENIUS Act, in contrast, awaits a full House vote after possible amendments and debate, having passed the Senate in June. Trump called on House lawmakers to pass a “clean” bill with “no add-ons,” suggesting he would sign it immediately after a vote.

Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears

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