Congress taxes crypto before setting market rules
The Clarity Act, a proposed federal framework to define SEC and CFTC roles, failed a Senate cloture vote on September 15 with 49 votes, falling 11 short of the 60 needed. One day later, the House Ways and Means Committee approved the Digital Asset Tax Certainty Act 38-5, which taxes staking and mining as ordinary income, adds broker reporting similar to 1099-B, creates a 12-month voluntary disclosure program, and exempts transaction fees under $10 for casual users. The tax-first outcome creates an immediate regulatory gap on issues like income recognition that is likely to push Congress or agencies to define market rules next.
Congress has approved taxing staking and mining as ordinary income.
Context
The Senate rejected the Clarity Act, and the House committee approved a tax bill. The tax bill taxes staking and mining but does not define when income is recognized. Lawmakers may need to write market rules next to resolve that gap.
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