House lawmakers today removed a provision from a tax package that would have permitted entities involved in the staking and mining of digital assets to defer taxes on rewards for those assets.
The Digital Asset Tax Certainty Act (H.R. 10357) would revise how cryptocurrencies and other digital assets are treated for tax purposes. The House Ways and Means Committee today advanced the legislation, but not before voting 38-5 to remove the provision on deferring taxes for rewards until the assets are sold.
In a statement, American Bankers Association President and CEO Rob Nichols thanked the committee for removing the provision.
“Taxing similar income the same way, regardless of the asset that produces it, is a bedrock principle of a fair tax code,” Nichols said. “That principle matters even more here because bank deposits fund local lending to small businesses, while crypto holdings do not. A tax advantage for crypto wouldn’t just break with tax parity — it would pull capital away from the activity that has the greatest impact on local economies.”
