A series of crypto tax proposals is set for detailed review during the House Ways and Means Committee hearing scheduled for the 9th of June. 

The seven crypto draft bills aim to clarify the tax treatment of stablecoin transactions, crypto lending, and wash sales to charity organizations.

Additionally, mining and staking and a voluntary disclosure program for taxpayers who faced issues with past crypto reporting will be reviewed. 

Why U.S. crypto tax reforms are crucial

The proposals build on Senator Cynthia Lummis’s submissions last year that sought to address the double taxation that Bitcoin miners and staking investors faced.

Notably, the U.S. tax watchdog, Internal Revenue Service, currently treats crypto as ordinary income. Source link