Major overhaul of U.S. crypto tax law! The House of Representatives leaks "7 digital asset tax bills," covering mining, staking, and wash trading

Fox Business renowned journalist Eleanor Terrett reported today (5th) that the U.S. House Ways and Means Committee is currently circulating internally up to seven "Digital Asset Taxation Discussion Drafts," attempting to comprehensively reform the taxation approach for cryptocurrencies in the United States. This move is equivalent to splitting previously difficult-to-pass large comprehensive bills into multiple independent proposals for targeted passage, and is expected to become the focal point of next Tuesday’s cryptocurrency tax hearing.
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• Break down large bills into 7 independent proposals
• Four draft covers exposed, focusing on mining and tax clarification
• Next Tuesday’s hearing will become a key battleground

The U.S. cryptocurrency tax regulatory framework is entering a new strategy of breaking down into smaller parts. Fox Business journalist Eleanor Terrett released an exclusive report today (5th) on X that the House Ways and Means Committee is circulating a package of seven "Digital Asset Taxation Discussion Drafts," preparing for a comprehensive overhaul of the current crypto tax system in the U.S.

🚨SCOOP: The House Ways and Means Committee is circulating a package of SEVEN digital asset tax discussion drafts that would overhaul how crypto is taxed in the U.S.

The bills tackle everything from stablecoin transactions, mining and staking, crypto lending and wash sale rules… pic.twitter.com/GuTp0B2zSq

— Eleanor Terrett (@EleanorTerrett) June 5, 2026

Break down large bills into 7 independent proposals

According to Terrett, these seven drafts cover a wide range of topics, nearly touching all core areas of the cryptocurrency industry. The specific contents include stablecoin transactions, mining and staking income, crypto lending, wash sale rules, charitable donations, and even a voluntary disclosure program designed for taxpayers who have previously had issues reporting digital assets.

The most significant strategic implication of this legislative move is that lawmakers have decided to change their previous approach. They are splitting large, broad bills—such as the Miller-Horsford Digital Asset PARITY Act, which was difficult to pass due to controversial provisions—into a series of smaller, independent proposals. This is expected to greatly increase the flexibility and success rate of each bill passing through Congress.

Four draft covers exposed, focusing on mining and tax clarification

In the documents attached to the post, Terrett revealed the covers and core objectives of four of the discussion drafts. The first is the "Digital Asset Holders Tax Documentation Reduction Act," aimed at substantially reducing the tax reporting burden for investors holding cryptocurrencies daily; the second is the "Mining and Staking Tax Clarity Act," which clearly defines the tax treatment rules for these two on-chain income sources—an area long called for clarification by the industry.

The third is the "Digital Asset Similar Rules Act (PAR Act)," intended to provide clear tax reference standards for digital asset transactions; the last involves the source attribution of digital asset sale proceeds, stipulating that if foreign jurisdictions do not impose significant income tax on such proceeds, the IRS will have the authority to tax related overseas income of U.S. citizens.

Next Tuesday’s hearing will become a key battleground

It is understood that these documents labeled as "Discussion Drafts" are all in the format of H.R. bills from the 119th Congress, with dates mostly concentrated from late May to early June 2026. Terrett predicts that this split set of tax drafts is expected to take center stage at the "Cryptocurrency Tax Hearing" held by the House Ways and Means Committee next Tuesday. As the U.S. intensifies its game of taxation and regulation over cryptocurrencies, the subsequent developments of these seven drafts will undoubtedly become the focus of market attention.