US House begins discussions on crypto tax reform

The U.S. House of Representatives has initiated discussions on overhauling cryptocurrency tax regulations, even as the Senate continues to negotiate the Clarity Act, a broader crypto market structure bill, CryptoInAmerica reported. The House Ways and Means Committee is reportedly reviewing seven proposals to reform the current tax framework. To this end, the committee plans to hold a hearing with experts from Coinbase, Fidelity, and New York University to address the matter. The committee will undertake a full-scale review of seven "discussion drafts" aimed at a complete overhaul of the crypto tax system. As previously reported by CoinNess, the House Ways and Means Committee had released these seven draft amendments designed to revamp the Internal Revenue Service's (IRS) approach to crypto taxation.