House Ways And Means Sets September 16 Markup On Crypto Cost Basis And Reporting Rules

The US House Ways and Means Committee has scheduled a markup for September 16 to consider proposed crypto tax rules, according to the committee's announced calendar. The markup represents the next formal step in the legislative process for the tax package, during which committee members will debate the proposal, offer amendments, and potentially vote to advance the measure to the full House of Representatives.

The proposed crypto tax rules under consideration would establish new reporting requirements for digital asset transactions, though the specific provisions have not been fully detailed in public committee materials. The measure is expected to address cost basis calculation methods for crypto holdings, reporting thresholds for transactions, and definitions of which digital assets fall under the new requirements.

The revenue impact of the proposed crypto tax rules has not been publicly released in advance of the markup. When the Joint Committee on Taxation scores the legislation, its estimate will become a key factor in determining whether the measure qualifies for budget reconciliation procedures, which would allow passage in the Senate with a simple majority rather than the 60-vote threshold typically required.

Following the September 16 markup, the committee may vote to report the bill to the full House, where it would be scheduled for floor consideration under rules set by the House Rules Committee. The outcome of the markup will signal whether the proposal has sufficient bipartisan support to move forward or whether it will face partisan divisions similar to those seen in prior crypto tax debates.