The U.S. House Tax Writing Committee shared seven draft bills with members ahead of this week’s crypto tax policy hearing. The drafts laid out the first framework for which tax topics may come to the fore in the sector in the coming period.
Staking, mining and stablecoin transactions are on the tax agenda
The committee is considered one of the most important legislative bodies that draft tax laws in the United States. For this reason, the published texts are not only a technical preparation, but also a strong indication of what direction can be followed in taxing crypto assets. The drafts included issues such as staking and mining revenues, exceptions for low-amount transactions and the use of stablecoins.
It remains unclear whether the texts in question will become law in the short term. Since there are other files prioritized by both the House of Representatives and the Senate in the US Congress, it is not clear how far these topics will progress in the 2026 calendar year. Despite this, the fact that the drafts have been prepared and the issue has been brought to the official session agenda indicates that the process is progressing.
Alison Mangiero, speaking on behalf of the Crypto Council for Innovation, noted that the committee’s decision to release seven bills and hold a full committee-level legislative session on June 9 was significant procedurally alone; He emphasized that this format, in which members will work through concrete legislative texts together with expert witnesses, has not been used by the committee for many years.
Industry representatives see the drafts as an important first step
Alison Mangiero, responsible for industry relations and US policies at the Crypto Council for Innovation, which conducts policy studies in the crypto industry, evaluated the published package as “an important first step”. According to Mangiero, these bills could form the third pillar of crypto legislation, along with the GENIUS Act, which focuses on stablecoin regulations, and the Clarity Act, which focuses on market structure.
Mangiero said that the package includes some priorities that they have been advocating for a long time. These include a moderate tax approach that supports payment instrument status for GENIUS Act-compliant stablecoins, a low-amount transaction exemption for routine transaction fees on the network, equity provisions such as securities lending and mark-to-market taxation for widely traded digital assets, and clear tax rules on mining and staking rewards.
Stablecoin debate continues on the accounting side
On the other hand, the investor advisory committee of the Financial Accounting Standards Board, which sets accounting standards in the USA, discussed whether stablecoins could be considered cash equivalent assets late last month. According to the shared meeting summary, the committee agreed that a “high threshold” is required for an asset to be considered a cash equivalent.
Mini dictionary: Cash equivalent asset is an accounting classification used for instruments that can be easily converted into cash in the short term and have a limited risk of change in value. Whether stablecoins fall into this group may be important in terms of how they will be reported on company balance sheets.
However, committee members could not reach a common conclusion about what information would be more useful to investors. This shows that stablecoins continue to be a matter of debate not only on the tax side, but also in terms of financial reporting and balance sheet classification.
All eyes on the session on June 9
The hearing where the House Tax Writing Committee will discuss crypto tax policy is scheduled for June 9. During the session, it can be more clearly understood under which headings the draft texts will find support, on which articles changes will be requested, and what the committee’s next step will be.
