US Lawmakers Push Major Crypto Tax Overhaul As CLARITY Act Talks Continue

U.S. lawmakers are working on a major crypto tax reform while talks about broader digital asset rules continue around the CLARITY Act. The House Ways and Means Committee is holding hearings with representatives from Coinbase, Fidelity, Coin Centre, and academic experts as they look at new ways to tax digital assets.

There are seven draft proposals being discussed, each dealing with a different part of crypto taxes instead of combining everything into one big bill. These proposals are based on the earlier Digital Asset PARITY Act and ideas backed by Senator Cynthia Lummis.

The drafts cover topics like staking, mining, crypto lending, stablecoins, wash sales, charitable donations, and tax reporting. Supporters say that handling these issues separately helps lawmakers focus on the details   without rushing a big, complicated bill.

Industry groups like The Digital Chamber, The Blockchain Association, and the Crypto Council for Innovation support the effort. They believe clearer tax rules are crucial for the future of the U.S. crypto industry.

However, not everyone agrees. Some industry participants have privately raised concerns about certain parts of the proposals and how they might affect users and businesses.

In Illinois, there’s a separate debate over a proposed state budget that includes a 0.2% tax on some crypto transactions. Local industry groups warn this could discourage investment and push companies to leave the state.

At the same time, Senate talks about the CLARITY Act are ongoing, focusing on ethics rules, DeFi issues, and merging different committee versions of the bill. Senator Lummis has said the legislation might move forward later in July instead of before the July 4 break.

Seven crypto tax drafts just dropped from the House Ways and Means Committee.

Staking. Mining. Wash sales. Lending. Charitable giving. Disclosure reform.

Eyes on Tuesday’s hearing. https://t.co/1rm8wvKAJT

— Stand With Crypto🛡️ (@standwithcrypto) June 5, 2026

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