U.S. Senate to Hold Hearing on Digital Asset Taxation
The U.S. Senate Finance Committee will hold a hearing on taxing digital assets. The session is set for Wednesday, October 1. It aims to clarify tax rules as the Trump administration works on crypto regulations.
Chairman Mike Crapo confirmed the hearing will feature testimony from key crypto industry figures. Witnesses include Lawrence Zlatkin, Vice President of Tax at Coinbase Global, and Jason Somensatto, Director of Policy at Coin Center. They will share views on how the U.S. should tax crypto transactions.
Focus on New Tax Rules for Digital Assets
The hearing follows a public request for input on whether current tax laws cover digital assets or if new laws are needed. It may build on the White House’s recent crypto policy report. The report suggests treating digital assets as a unique asset class with specific tax rules.
Senator Cynthia Lummis, a pro-crypto advocate, has introduced a bill to reduce Bitcoin transaction taxes. Her bill also aims to eliminate double taxation and create a $300 exemption on crypto payments.
Potential Delays Due to Government Funding
The hearing could be delayed if Congress does not avoid a government shutdown. Lawmakers must pass funding bills or a short-term extension by September 30. Similar funding issues have postponed other crypto-related hearings to late October.
This hearing shows growing interest in crypto taxation in Washington. Whether held on time or delayed, it may shape future U.S. digital asset tax policies.
