Less than 24 hours after the CLARITY Act setback, the U.S. House of Representatives advances a crypto tax reform bill.

BlockBeats news, September 17 — The U.S. House Ways and Means Committee on Wednesday approved the Digital Asset Tax Certainty Act by a vote of 38 to 5, sending it to the full House for further consideration. The bill, which has bipartisan support, advanced less than 24 hours after the crypto market structure bill, the CLARITY Act, suffered a setback in a key Senate vote.

The bill aims to clarify tax treatment rules for crypto assets and reduce the compliance burden of using cryptocurrencies in everyday life, covering areas including small transactions, recognition of crypto income, asset transfers, wash-sale rules, mining, staking, and crypto brokers. Among its provisions, the threshold for small transactions exempt from complex tax calculations is set at $10, making it easier to use crypto assets for everyday payments; qualifying U.S. dollar stablecoin transactions and certain network and transaction fees would also receive clear tax treatment.

However, the bill still faces time pressure. Congress has only limited working days left in the current session, and if it cannot advance further, the legislation may need to be taken up again by the next Congress.

There is also opposition within the committee. Democratic Representative Lloyd Doggett criticized Congress for prioritizing crypto industry tax policy and linked the legislation to the political influence of Trump and the crypto industry.