U.S. House sets July 16 hearing on crypto tax framework amid push to advance three industry-backed bills during Crypto Week.
However, it did not specify any specific witnesses or policies previously proposed.
As part of the Republican initiative to examine legislation regarding central bank digital currencies (CBDCs), stablecoins, and market structure, the US House of Representatives is scheduled to conduct a hearing on a crypto tax policy framework.
The House Committee on Ways and Means leadership and the Oversight Subcommittee announced on Wednesday that a hearing has been scheduled for July 16 to address the “affirmative steps required to establish a tax policy framework on digital assets.”
As House representatives are anticipated to vote on three crypto-related bills, the event, “ensuring digital asset policy built for the 21st century,” will occur.
At the time of publication, it was uncertain which witnesses would be invited to testify at the hearing. On Wednesday, the US Senate Banking Committee deliberated on market structure legislation while hearing from Ripple CEO Brad Garlinghouse, Blockchain Association CEO Summer Mersinger, and Chainalysis CEO Jonathan Levin.
Different legislative pathways have been proposed by Republican lawmakers in the House and Senate to resolve regulatory issues that impact the crypto and blockchain industry.
During the debate over US President Donald Trump’s budget act, Cynthia Lummis, a senator from Wyoming, proposed a provision to resolve double taxation for cryptocurrency miners and stakers.
Lummis submitted a standalone draft measure on digital asset taxation days later, and the bill passed the Senate without any such amendment.
The GENIUS Act for payment stablecoins, the Anti-CBDC Surveillance State Act, and the Digital Asset Market Clarity (CLARITY) Act for market structure will be the subject of discussion by legislators in the House during the Republicans’ “crypto week” of legislation, which commences on Monday.
The Senate Banking Committee’s leadership stated in June that the chamber intended to advance its plans for crypto market structure, despite the CLARITY Act being conceived in the House. The committee has set a goal of implementing these plans by September.
The Anti-CBDC Surveillance State Act was introduced in the House and Senate in two distinct versions; however, neither measure has been passed by either chamber.
In contrast, the GENIUS Act, which the Senate enacted in June, is awaiting a full House vote after potential amendments and debate. Trump urged House lawmakers to pass a ” clean ” bill that did not include any add-ons, implying that he would sign it promptly following the vote.