House bill proposes comprehensive digital-asset tax reforms

What changed

H.R. 10357, the Digital Asset Tax Certainty Act, was introduced in the House and referred to the Committee on Ways and Means. The bill proposes extensive amendments to the Internal Revenue Code governing digital-asset transaction fees, stablecoin transactions, accounting methods, lending, trading, charitable contributions, anti-abuse rules, mining and staking income, investment trusts engaged in staking, broker requirements, and a voluntary disclosure program. It is proposed legislation and has no present legal effect.

Who it affects

• Taxpayers holding or transacting in digital assets
• Investment advisers addressing digital-asset tax consequences with clients
• Digital-asset brokers, dealers, traders, miners, stakers, and lending participants
• Funds and trusts engaged in digital-asset staking

What is still open

• Whether either chamber will advance or amend the bill
• Which proposed effective dates would remain in enacted legislation
• How Treasury and the IRS would implement provisions requiring regulations or other guidance

What it means for an advisor

• Track the bill without treating its proposed tax rules as current law
• Identify client tax, recordkeeping, staking, lending, and charitable-giving workflows that could require revision if legislation is enacted
• Avoid communicating proposed exclusions, safe harbors, or accounting methods as presently available