US crypto bills advance as two separate measures moved forward on Wednesday. Specifically, one bill would create a Strategic Bitcoin Reserve. Meanwhile, another would overhaul federal crypto tax rules. This happened even as the Senate’s CLARITY Act stalled.
Why US crypto bills advance matters
For example, the House Financial Services Committee passed the American Reserve Modernization Act. Notably, the vote was 28-21. In addition, the bill would establish a Strategic Bitcoin Reserve. Furthermore, it would create a Digital Asset Stockpile. Consequently, these would hold federally seized Bitcoin and other digital assets.
“We cannot allow Bitcoin to be held by the federal government to languish,” said Representative Nicholas Begich. He introduced the bill on May 21. He said fragmented custody poses cybersecurity risks. Moreover, it fails to account for what the government owns.
Crypto tax bill advances with bipartisan support
Meanwhile, the House Ways and Means Committee advanced the Digital Asset Tax Certainty Act. Notably, the vote was 38-5. Therefore, this sends the bill to the full House. For example, the legislation would introduce new tax treatment for stablecoins. In addition, it would cover certain crypto lending agreements. Additionally, it extends wash-sale rules to widely traded digital assets. Furthermore, it addresses how mining and staking income is taxed.
For everyday transactions, the bill creates a de minimis exemption. Specifically, this applies to qualifying network and transaction fees of $10 or less. Therefore, users can avoid recognizing small gains or losses. Thus, this applies when paying blockchain fees.
CLARITY Act stalls, regulators step in
The House committee votes came one day after the Senate failed to advance the CLARITY Act. Consequently, that procedural vote fell short of 60 votes. Meanwhile, SEC Chair Paul Atkins and CFTC Chair Michael Selig spoke on Wednesday. They said their agencies would continue developing crypto rules. They would use existing statutory authority.
What comes next for US crypto bills advance
Currently, the Bitcoin reserve bill heads to the full House. Similarly, the tax bill moves to the full House. However, the CLARITY Act remains stalled. Therefore, Congress may struggle to pass a comprehensive framework. In contrast, regulators may act faster using current authority. As a result, the US crypto landscape could change through agency rules. Ultimately, this would happen even without new legislation.
