The U.S. House of Representatives focused on crypto tax reform this week, while the Senate continued to advance the Clarity Act.

BlockBeats News, June 8th, as the U.S. Senate continues to coordinate on the Digital Asset Market Clarity Act, the U.S. House of Representatives will shift its focus to crypto tax reform this week. The House Ways and Means Committee will hold a hearing on Tuesday, inviting representatives from Fidelity, Coinbase, Coin Center, and New York University, and will review seven digital asset tax proposals.

The related proposals will split the previously introduced Digital Asset PARITY Act, proposed by Representatives Max Miller and Steven Horsford, into seven separate bills covering stablecoin trading, mining and staking, crypto lending, wash sale rules, charitable donations, and taxpayer information disclosure.

Industry organizations such as The Digital Chamber, Blockchain Association, and Crypto Council for Innovation have expressed support, believing that splitting the legislation could improve the chances of passage. However, some industry insiders remain cautious about certain provisions.

Meanwhile, the Senate is still coordinating the final version of the Clarity Act. Senator Cynthia Lummis stated that, since the bill needs to incorporate versions from the Senate Banking Committee and Agriculture Committee, as well as include ethical clauses and revisions to the GENUIS Act, it is more likely to go into a full chamber vote after Congress reconvenes on July 13.

The stability coin yield mechanism remains a contentious issue. JPMorgan CEO Jamie Dimon and other banking industry figures continue to oppose the current plan, fearing that stablecoins could lead to a loss of bank deposits; supporters argue that stablecoins can coexist with the traditional banking system and help promote digital asset services.

Additionally, over 200 crypto companies and industry organizations jointly wrote to Senate leadership on Monday, urging the prompt advancement of the Clarity Act into a full chamber vote.

Notably, Illinois' upcoming new budget includes a 0.2% tax on certain digital asset transactions, sparking opposition from industry groups. Local associations warn that this measure could prompt crypto companies and capital to withdraw from the state.