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About 70 million Americans are estimated to own crypto, according to recent <a href="https://www.security.org/digital-security/cryptocurrency-annual-consumer-report/" rel="noopener noreferrer nofollow">industry surveys</a>, a figure that has surged from virtually zero a decade ago.
The rapid growth has transformed digital assets from a fringe experiment into a major part of the financial system, drawing increasing attention from regulators and tax authorities.
Now, Congress is taking a fresh look at how those assets should be taxed.
<a href="https://www.thestreet.com/crypto/markets/big-short-investor-sends-warning-on-spacexs-june-12-ipo" rel="noopener noreferrer nofollow">Related: 'Big Short' investor sends warning on SpaceX's June 12 IPO</a>
<h2 id="congress-to-review-digital-asset-tax-changes">Congress to review digital asset tax changes</h2>
The House Ways and Means Committee is <a href="https://waysandmeans.house.gov/event/full-committee-legislative-hearing-on-digital-asset-taxation" rel="noopener noreferrer nofollow">scheduled </a>to hold a legislative hearing on June 9 to examine six digital asset tax bills and a separate discussion draft aimed at offshore crypto tax shelters.
The hearing is not a vote and does not immediately change tax law. Instead, lawmakers are set to hear testimony from industry and tax experts as they consider what could become one of the most significant overhauls of crypto taxation in the United States.
Witnesses include <a href="https://www.thestreet.com/crypto/tag/fidelity" rel="noopener noreferrer nofollow">Fidelity </a>vice president and senior tax counsel Sarah Reilly, <a href="https://www.thestreet.com/crypto/tag/coinbase" rel="noopener noreferrer nofollow">Coinbase </a>vice president of tax Lawrence Zlatkin, Coin Center policy director Jason Somensatto and NYU Tax Law Center deputy director Mike Kaercher.
The proposals will cover a wide range of issues, including reducing tax paperwork for digital asset users, creating new tax treatment for mining and staking, establishing tax parity with traditional financial assets, clarifying rules for crypto donations, creating a voluntary disclosure program for taxpayers and applying existing anti-abuse rules to digital assets.&nbsp;
Lawmakers are also going to review a separate proposal targeting offshore crypto tax shelters.
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If enacted, the changes could affect millions of Americans who buy, use, mine, stake or donate digital assets.
<h2 id="why-crypto-investors-want-tax-rules-changed">Why crypto investors want tax rules changed</h2>
Current U.S. <a href="https://www.morganstanley.com/insights/articles/crypto-taxes-investor-guide" rel="noopener noreferrer nofollow">tax rules</a> generally treat cryptocurrency as property rather than currency.
That means selling crypto can trigger capital gains taxes. Mining and staking rewards are typically treated as taxable income when received, and selling those assets later can create a second taxable event through capital gains calculations.
Industry groups have long argued that the framework creates <a href="https://www.thestreet.com/crypto/policy/popular-crypto-exchange-filed-56-million-tax-forms-over-half-were-for-less-than-10" rel="noopener noreferrer nofollow">excessive reporting burdens</a>. Even small crypto purchases can technically generate taxable events, making everyday use difficult.
Supporters of reform say many of today's rules were developed before <a href="https://www.thestreet.com/crypto/explained/explained-what-is-a-stablecoin" rel="noopener noreferrer nofollow">stablecoins</a>, staking, crypto lending and other modern digital asset activities became widely adopted.
However, its important to note that the June 9 hearing will not immediately change taxes. Any proposal would still need to advance through Congress and be signed into law before taking effect.
<a href="https://www.thestreet.com/crypto/markets/major-u-s-financial-bill-sees-odds-slashed-to-60" rel="noopener noreferrer nofollow">Related: Major U.S. financial bill sees odds slashed to 60%</a>

Congress weighs major tax changes affecting 70 million Americans

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