U.S. House to Focus on Cryptocurrency Taxation Next Week

According to PANews, the U.S. House of Representatives is set to conduct a 'Cryptocurrency Week' next week, focusing on digital asset policies. The Ways and Means Committee, led by Chairman Jason Smith, announced a hearing scheduled for July 16 to explore proactive measures for establishing a framework for cryptocurrency taxation. Following discussions on cryptocurrency markets and stablecoin regulation, taxation of digital assets is expected to become a major topic in Congress. Two legislative actions may occur next week, including a House vote on a Senate-approved bill regulating stablecoin issuers. Currently, U.S. cryptocurrency taxation is marked by uncertainty, making it complex for investors to calculate their liabilities. Last week, Senator Cynthia Lummis introduced a new bill proposing tax exemptions for small transactions and the elimination of double taxation. While the House's intentions remain unclear, the Republican-led committee is seeking to implement favorable policies.