PANews reported on June 5th that, according to Eleanor Terrett, the U.S. House Ways and Means Committee is circulating seven draft bills on digital asset taxation, proposing a comprehensive overhaul of the U.S. crypto asset tax framework. The issues cover stablecoin payments, tax exemptions for small transactions, recognition of mining and staking income, crypto lending, wash sale rules, tax treatment of charitable donations, and a voluntary disclosure program for taxpayers with historical reporting issues.

The first page of the disclosed documents reveals proposals including the "Less Tax Paperwork for Digital Asset Owners Act" and the "Tax Clarity for Mining and Staking Act." The former aims to reduce the tax compliance burden on digital asset holders, while the latter establishes clear rules for the tax treatment of mining and staking income.

Terrett stated that this move effectively breaks down the Digital Asset PARITY Act, previously pushed by Representatives Miller and Horsford, and a related bill introduced by Senator Cynthia Lummis last year, into multiple independent legislative projects to improve efficiency.

These draft bills are expected to be a core topic of the U.S. House Tax Committee's hearing on digital asset taxation next Tuesday. If ultimately passed, this would be one of the most comprehensive overhauls of the U.S. crypto tax system in recent years.