While the industry’s main focus remains on the Digital Asset Market Clarity Act, which would establish a comprehensive U.S. regulatory regime for crypto activity, its second priority has been the taxation of cryptocurrencies, which was the focus of a June 9 committee hearing in which several bills were discussed, including legislation by Carey, an Ohio Republican.
Democrats on the committee revealed some concerns about how the industry would use this bill in practice, and outside critics such as the Revolving Door Project argued that crypto mining companies, including the US-based Bitcoin, in which President Donald Trump’s sons Eric and Donald Jr. have a significant stake, could defer taxes indefinitely while also making a financial profit from their holdings.
The industry letter responded that the bill “does not provide unlimited deferral or full parity with all forms of self-created property; instead, it ensures that income is recognized and avoids immediate taxation before taxpayers can monetize the asset.”
Crypto tax policy has been addressed through a number of legislative efforts over the years. The latest House bills are fairly early in the process, as the current session of Congress faces its final months, so it’s unclear what their viability is at this stage.
