House lawmakers unveil crypto tax bill with $10 fee exemption ahead of markup

House Ways and Means Committee Chair Jason Smith (R-MO) dropped a 114-page crypto tax bill on September 14, and it touches nearly every corner of digital asset taxation. The Digital Asset Tax Certainty Act, filed as H.R. 10357, proposes a $10 exemption for blockchain transaction fees, codifies wash-sale rules for crypto, and settles the long-running debate over how mining and staking rewards should be taxed. The committee plans to mark up the bill on September 16, alongside other tax measures. What the bill actually does The headline number is $10. Under the proposed legislation, blockchain network and transaction fees below that threshold wouldn’t trigger a taxable event. There’s a catch, though. The exemption doesn’t apply to users who have executed more than 5,000 transfers in the prior year. On stablecoins, the bill draws a clear line. Qualified US dollar stablecoins receive special treatment throughout the legislation, including exclusion from wash-sale and constructive-sale rules. The wash-sale provisions would close the loophole that allowed traders to sell at a loss, immediately repurchase, and claim the tax deduction, bringing crypto in line with traditional securities. Mi...