US House Ways and Means Sets Crypto Tax Hearing as CLARITY Act Advances in Senate

The U.S. House Ways and Means Committee will convene a hearing Tuesday to examine digital asset taxation, with testimony expected from representatives of Fidelity, Coinbase, Coin Center and New York University, as Senate lawmakers continue efforts to advance the CLARITY Act toward a vote. The hearing will focus on seven discussion drafts that break out provisions of the larger Digital Asset PARITY Act, which was passed in December by Reps. Cynthia Lummis, Max Miller and Steven Horsford, each of whom introduced comparable standalone bills in the Senate. The draft bills address stablecoin transactions, crypto mining, staking, crypto lending, wash sale rules, charitable donations and taxpayer disclosures, offering lawmakers a more granular path to revise U.S. digital asset tax policy. Industry advocacy groups including The Digital Chamber, The Blockchain Association and the Crypto Council for Innovation welcomed the move. The Digital Sovereignty Alliance described the development as "one of the largest moves in U.S. crypto tax policy in history." "Breaking the PARITY Act into seven standalone drafts on staking, mining, lending, and wash sales gives lawmakers a clearer path to get the details right rather than rushing an om...," the group said in a statement, with the remark cut off in the source material. The hearing comes as Senate work on the CLARITY Act continues alongside the parallel tax discussions in the House.