House Advances Crypto Tax, Bitcoin Reserve Bills

Two U.S. House committees advanced cryptocurrency legislation on Wednesday, moving forward with tax reform and a strategic Bitcoin reserve bill just hours after the Senate failed to pass a broader regulatory framework. The House Ways and Means Committee approved the Digital Asset Tax Certainty Act by a 38-5 bipartisan vote, establishing the first comprehensive federal tax rules for digital assets. The bill includes a de minimis threshold for transaction fees of $10 or less, extends wash-sale rules to cryptocurrencies, and addresses how mining and staking rewards are taxed. Simultaneously, the House Financial Services Committee passed the American Reserve Modernization Act (H.R. 8957) by a 28-21 vote. This legislation would create a Strategic Bitcoin Reserve within the Treasury Department, centralizing custody of federally forfeited Bitcoin and holding it for at least 20 years. A separate stockpile would cover other digital assets. These actions followed the Senate's failure on Tuesday to advance the CLARITY Act, which fell short in a 49-50 cloture vote, lacking the 60 votes needed for debate.