🇺🇸 Senate Committee Gets Ready to Talk About Crypto Tax Rules
The US Senate Finance Committee will hold a hearing on the taxation of digital assets next week. This event aims to clarify the treatment of cryptocurrencies for tax purposes. Senator Mike Crapo will chair the hearing scheduled for Wednesday.
The session will feature testimony from experts such as Lawrence Zlatkin, Vice President of Tax at Coinbase, and Jason Somensatto, Policy Director at Coin Center. These discussions align with recommendations from the President’s Working Group on Digital Assets in July, which advised lawmakers to treat crypto as a unique asset class and update tax rules.
💰 Focus on Mining, Staking, and Stablecoins
If federal legislation is not passed, the US Treasury Department and IRS may issue guidance for taxing stablecoin transactions and small crypto rewards from mining, staking, or airdrops.
The IRS treats cryptocurrencies and NFTs as property. This means selling an NFT—even to pay gas fees—may trigger tax on any profits realized from the sale.
This hearing is part of the Trump administration’s effort to accelerate crypto regulation and provide long-awaited clarity for an industry that has faced years of uncertainty.
Also Read : US Lawmakers Demand SEC Explain Tron IPO, Trump-Linked Crypto Investments
📑 Senate Panel Invites Tax Experts for Hearing
Additional witnesses include:
- Annette Nellen, Chair of the American Institute of Certified Public Accountants (AICPA) Digital Assets Tax Task Force
- Andrea S. Kramer, Founding Member of ASKramer Law and specialist in tax law
The purpose of the panel is to provide lawmakers with expert insights into the current taxation challenges facing crypto participants, including miners, stakers, and investors.
⚖️ Legislators Advocate for Fairer Tax Treatment
Senator Cynthia Lummis has highlighted what she sees as unfair tax treatment of crypto miners and stakers, noting they are effectively taxed twice: once when receiving block rewards and again upon sale.
Lummis stated on X that June marks a turning point when the U.S. can finally end this unfair tax treatment and position America as the world’s Bitcoin and crypto superpower.
Before the measure passed, Senate amendments did not include the language Lummis had sought in Trump’s budget reconciliation bill.
