U.S. lawmakers advanced separate crypto tax and market-structure efforts this week, with the House Ways and Means Committee reportedly preparing a September 16 markup on two digital-asset tax bills and the Senate set to vote September 15 on whether to take up the Digital Asset Market CLARITY Act.
The House measures, H.R. 9175 and H.R. 9172, were introduced by Representatives Mike Carey and Jodey Arrington on June 8 and referred to the Ways and Means Committee. The first, the Tax Clarity for Mining and Staking Act, would allow qualifying miners and stakers to elect to defer income recognition on newly created tokens until they are sold or otherwise disposed of, with deferred gains treated as ordinary income rather than capital gains. The Joint Committee on Taxation estimated the deferral would reduce federal revenue by $2.956 billion from fiscal 2026 through 2036.
The second bill, the Applying Existing Tax Anti-Abuse Rules to Digital Assets Act, would extend wash-sale and constructive-sale rules under Sections 1091 and 1259 to covered digital assets. It would generally disallow immediate loss deductions when a taxpayer sells a digital asset and repurchases substantially identical property within 30 days. The bill carves out qualified U.S. dollar stablecoins and certain mining, staking or validation-related acquisitions from specific wash-sale calculations. JCT estimated H.R. 9172 would raise $2.074 billion over fiscal 2026 through 2036. No official markup notice had appeared on the committee calendar as of September 14, so the agenda and amendment text remain provisional.
Separately, Senators Cynthia Lummis, John Boozman and Tim Scott released a final draft announcement for the Digital Asset Market CLARITY Act. The Senate is scheduled to vote Tuesday on cloture on the motion to proceed to H.R. 3633, which would require 60 votes to begin formal consideration. The revised draft includes 126 changes requested by Democrats. It would give state attorneys general enforcement power over covered federal officials who issue, sponsor or hold significant financial interests in digital assets, with remedies including divestment or qualified blind trusts and civil penalties of 20% of consideration received or $500,000, whichever is greater.
The draft also includes a conditional stablecoin provision allowing the Treasury secretary to restrict payment-stablecoin rewards only after a written finding that stablecoins are causing substantial deposit flight from community banks; the authority would expire 18 months after enactment. It extends money-transmitter and Bank Secrecy Act protections to non-custodial blockchain developers, miners and validators, and adds affiliate-trading and conflict-of-interest guardrails for digital commodity exchanges. The Senate vote would not enact the bill, but it will test whether the negotiated ethics and stablecoin compromises can attract enough Democratic support to move the legislation forward.
