US digital assets tax policy receives hearing during the “Crypto Week”
While the US House of Representatives, which the MPs referred to as “Crypto Week”, highlights politics into digital assets, the committee, which focuses on tax policy, will discuss the right way to tax cryptocurrencies.
The chairman of the Committee on Household and Finance of the House of Representatives, MP Jason Smith, announced a hearing on July 16 The Supervisory Committee, which is intended to check the “necessary positive measures to establish a tax framework for digital assets”, according to a statement on Wednesday.
The crypto taxation is next on the agenda behind the general Regulation of the markets and the Supervision of stable coins As one of the most important political issues that are expected to receive attention in the congress. Both central legislative initiatives are expected to be treated next week, including a possible coordination in the House of Representatives to approved the recently adopted law to regulate stablecoin providers.
The taxation of activities with digital assets has long been an inhibitory for the industry, since investors are confronted with uncertainties in their accounting strategy until the introduction of a reliable and rational US tax system. The hearing of the hearing in the House of Representatives takes place immediately after Senator Cynthia Lummis' introduction of a draft law Last week in the other congress committee, which deals with some of the persistent symptoms of cryptocurrency users.
The Lummis law would set a threshold of $ 300 for crypto transactions that would have to flow into the tax calculation of a user, which would result in small, everyday transactions of the users of capital application problems-limited to a total of $ 5,000 per year. In addition, it would abolish the double taxation of cryptos from staking, mining, mining, airdrops and forks by eliminating the initial tax when receiving the rewards and only the taxation of profits from the final sale is in focus.
It is still unclear what the House of Representatives is planning exactly, but the committee led by the Republicans is aiming for an industrial -friendly policy, whereby the hearing is entitled: “Making America the Crypto Capital”
of the world: Ensuring a digital wealth policy for the 21st century.
Read more: Crypto tax proposal, which has not made it in Trump's budget law, is promoted independently
