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Ways and Means oversight chair urges clearer tax rules for digital assets to keep industry in U.S.
Summary
The chair of the oversight subcommittee of the House Ways and Means Committee opened a hearing by urging witnesses to help write tax rules for digital assets, saying current guidance leaves stakeholders confused and that aligning tax and regulatory certainty is essential to keep crypto businesses in the United States.
Committee Chair, Chair, Oversight Subcommittee, House Committee on Ways and Means, opened the hearing by urging the committee and witnesses to clarify how digital assets fit into the U.S. tax code and to prevent tax-driven arbitrage that could send industry activity overseas. "We're the tax writing committee," the chair said, emphasizing the panel’s role in shaping taxation of digital assets.
The chair told witnesses the committee needs technical guidance on "recognition of an…
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