The U.S. House of Representatives fundraising committee has passed a bipartisan-supported "Digital Asset Taxation Certainty Act" with a vote of 38 in favor and 5 against. The next step is scheduling and voting in the full House. After passing the House, it will still need to be reviewed by the Senate. Both chambers must pass the same text before it can be sent to the President for signing.

The biggest benefit of this bill is the reduction of fragmented tax accounting for ordinary American users with each on-chain operation.

For example: if a small amount of ETH has a purchase cost of $2 and rises to $5 before being used to pay for gas, the current rules generally require accounting for a $3 capital gain. Under the proposed terms, qualifying fee payments can be made without separately recognizing gains or losses. This can reduce tax reporting items and compliance costs for those who frequently transfer, use wallets, and engage with on-chain applications.

In terms of scope, the $10 limit refers to the aggregate qualified costs for the corresponding transaction; any investment gains generated from the transaction itself still need to be handled according to applicable rules. There are also conditions on matching payment currencies for transaction and liquidity fees, and professional traders as well as those who had over 5,000 related transfers in the previous tax year are generally subject to the exclusion clause.

In simple terms, this is beneficial for stablecoin payments. I have written before about the many pitfalls of stablecoin payments, one of which is tax-related. If this bill truly passes, it will reduce many tax-related processes for stablecoin payments.

@Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFD, one-stop trading for prediction markets

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