The US Congress has restarted discussions on digital asset tax reform, with the House of Representatives scheduled to consider seven separate tax bills this week, covering areas such as staking, mining, lending, and stablecoin trading. Meanwhile, the Senate is still working on the text of the CLARITY bill, aiming to get it to a vote before the August recess.

Seven tax bills to be implemented separately

Unlike pushing for a complete tax reform bill all at once, the House of Representatives has chosen to break down the Digital Asset Parity Act into seven separate draft bills for discussion. These drafts cover stablecoin transaction taxation, mining and staking yield recognition, digital asset lending, laundering rules, crypto donations, and taxpayer disclosure requirements.

The House Ways and Means Committee stated that representatives from Fidelity, Coinbase, Coin Center, and New York University will attend hearings to provide input on crypto tax arrangements. Some industry groups welcomed the split review process, arguing that it would make it easier to address disagreements item by item.

Illinois proposes a 0.2% transaction tax.

In addition to federal tax reform, tax discussions are also heating up at the state level. Illinois lawmakers are considering a $56 billion budget proposal that includes a 0.2% tax on certain digital asset transactions.

Olta Andoni, executive director of the Illinois Blockchain Association, stated that this arrangement could diminish the state's attractiveness to crypto businesses and prompt businesses and investments to relocate elsewhere. The report also mentioned that Strive CEO Matthew Cole has called for the elimination of the capital gains tax on Bitcoin transactions.

The Senate continues to consolidate the CLARITY Act.

While the House of Representatives focuses on tax issues, Senate committees are continuing negotiations on the CLARITY bill, one of the most closely watched crypto market structure bills in Congress.

The current focus of discussion is merging the versions drafted by the Senate Banking Committee and the Agriculture Committee, reviewing the ethics clauses, and assessing amendments related to the GENIUS bill. Senator Cynthia Lummis stated that lawmakers hope to submit the bill to the full Senate for consideration before the August recess.