The House Ways and Means Committee reviewed seven cryptocurrency tax reform proposals this week, while negotiations on the “Clarity Act” continue to advance.

TechFlow News, June 8: According to Crypto in America, the U.S. House Committee on Ways and Means will hold a hearing this Tuesday on cryptocurrency tax reform, reviewing seven draft proposals covering stablecoin transactions, mining and staking, crypto lending, wash-sale rules, charitable donations, and taxpayer disclosure—effectively splitting the previously introduced Digital Asset Equal Treatment Act into multiple standalone bills.

Meanwhile, negotiations over the Senate’s “Clarity for Digital Assets Act” continue. Senator Lummis stated the bill is more likely to advance after Congress reconvenes on July 13. Key points of contention include ethics provisions, regulatory language concerning DeFi, and stablecoin yield. Banks continue lobbying against the stablecoin yield provision, while over 200 crypto organizations have jointly written to urge swift passage of the bill. Additionally, Illinois has proposed a 0.2% tax on digital asset transactions, drawing strong opposition from industry groups, which warn the measure could drive crypto businesses out of the state.