The House Ways and Means Committee reviewed seven cryptocurrency tax reform proposals this week, and negotiations on the "Clear Act" continue to advance.

Deep Tide TechFlow News, June 8th, according to Crypto in America reports, the U.S. House of Representatives Fundraising Committee will hold a hearing on cryptocurrency tax reform this Tuesday, reviewing seven draft discussion proposals covering stablecoin trading, mining and staking, crypto lending, wash sale rules, charitable donations, and taxpayer disclosures. Essentially, this is splitting the previously proposed "Digital Asset Equality Act" into multiple separate legislations.

Meanwhile, negotiations on the Senate "Clear Act" are still ongoing. Senator Lummis stated that the bill is more likely to advance after Congress reconvenes on July 13th. The main disagreements focus on moral clauses, DeFi regulation language, and stablecoin yield issues. The banking industry continues to lobby against stablecoin yield provisions, while over 200 crypto organizations have jointly sent letters urging for an expedited bill vote. Additionally, Illinois plans to impose a 0.2% tax on digital asset transactions, sparking strong opposition from industry groups, warning that this move will drive crypto companies out of the state.