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U.S. House Unveils Crypto Tax Reform Drafts Targeting DeFi and Stablecoins
CoinDesk reports that U.S. lawmakers are stepping up efforts to reshape the tax framework for digital assets. The House Committee on Ways and Means has released seven discussion drafts that outline possible changes spanning DeFi lending, stablecoin payments, staking, mining, and measures aimed at curbing tax avoidance in crypto trading. The proposals are expected to be a central focus at a June 9 hearing.
The package is organized as seven separate topic papers rather than a single bundled proposal. While the texts are not formal legislation, they signal where policy may be headed. The drafts cover stablecoins, mining, staking, DeFi lending, wash sale rules, charitable donations, and a voluntary disclosure process.
DeFi lending and stablecoins are prominent themes. Citing crypto journalist Eleanor Terrett, the report says the drafts take aim at the long-uncertain tax treatment of DeFi lending, an area where the lack of guidance has fueled debate over when onchain lending should trigger taxable events. On stablecoins, the drafts place added emphasis on payment use cases, suggesting certain low-value transactions could be treated differently from speculative trading. In that framing, stablecoins used for payments could be taxed more like cash than like typical crypto trades.
The drafts also include multiple anti-abuse provisions. The report says lawmakers are considering extending wash sale and constructive sale rules to cryptocurrency transactions, aligning digital assets more closely with traditional markets. If adopted, selling at a loss and quickly repurchasing similar assets, or using structures designed to lock in gains early, could face tighter limits—changes that would affect trade reporting and tax planning.
Staking and mining remain areas where further clarity is needed. The tax treatment of staking rewards and mining income is expected to be a key part of the discussion, alongside provisions on charitable contributions, filing obligations, and a voluntary disclosure mechanism for taxpayers with past reporting issues. Previously, 18 bipartisan lawmakers asked the IRS to revisit its 2023 staking guidance ahead of the 2026 tax year.
With the June 9 hearing approaching, the direction of U.S. crypto taxation around payments, trading activity, and onchain earnings may come into sharper focus.