House Ways and Means Committee Holds Hearing June 9 on Crypto Tax Relief Scope

According to CryptoSlate, on June 9, the House Ways and Means Committee will hold a hearing on whether tax relief for digital assets should be limited to stablecoins or expanded to cover broader cryptocurrency transactions, including Bitcoin and staking rewards. Lawmakers will hear testimony from Fidelity Investments, Coinbase, Coin Center, and New York University's Tax Law Center as they examine whether current tax rules discourage everyday crypto use.

The industry has argued that the IRS treats cryptocurrencies as property rather than currency, requiring users to calculate capital gains or losses on each transaction, token trade, or blockchain fee payment. The hearing comes as Congress advances digital asset legislation, with the separate question of whether tax rules should be updated to ease crypto adoption.