PANews reported on June 10th, citing CoinDesk, that the U.S. House Ways and Means Committee held hearings on several crypto tax bills, with members of both parties questioning the details of the drafts and no consensus yet reached. The bills aim to address the tax burden on crypto users, including tax exemptions for small transactions and eliminating double taxation on mining and staking rewards (taxed once upon receipt and once upon sale). Committee Chairman Jason Smith stated that Americans who want to pay with stablecoins should enjoy the same convenience as with credit cards or cash, without having to deal with cumbersome tax documentation.

However, the hearings raised several concerns. Mike Kaercher, associate director of the New York University Tax Center, pointed out that deferred tax provisions for mining and staking could be abused, allowing taxpayers to permanently evade taxes through specific business structures. Democratic lawmakers expressed serious concern about this. Jason Somensatto, director of policy at Coin Center, and Lawrence Zlatkin, vice president of tax at Coinbase, emphasized in their testimony that current tax laws impose an excessively high compliance burden on crypto users, disproportionate to the amount of tax paid. Kevin Wysocki, director of policy at Anchorage Digital, stated that regulatory clarity and tax clarity are complementary. The Senate has not yet made substantial progress on the crypto tax bill, and with the current congressional session nearing its end, time is running out to push the bill through.