As part of the digital asset legislation led by the Republican Party, the U.S. House of Representatives will hold a hearing on cryptocurrency taxation policies. This hearing is expected to discuss a 21st-century tax system for the cryptocurrency industry.
The House Ways and Means Committee and Audit Committee will hold a hearing on July 16th and will address specific measures to establish a tax framework for digital assets. The Republican Party aims to actively promote a comprehensive bill related to the cryptocurrency industry. The discussion will proceed under the theme "Digital Asset Policy: Setting the Direction for the 21st Century".
The hearing is expected to focus on challenges that do not align with existing systems, such as transaction taxation criteria, taxation timing for staking and mining profits, and reporting requirements for DeFi. In particular, as digital asset transactions increase, there are concerns that the IRS cannot keep up with market changes using the current tax system.
Voices are growing that cryptocurrency tax reform must simultaneously consider industry growth and investor protection. It is explained that a legislative approach understanding the technical characteristics and new financial structures is essential for the existing tax system to function in the digital asset ecosystem.
Attention is focused on what bills will be proposed after the hearing, which is expected to be a critical watershed in determining the direction of cryptocurrency regulation in the United States. As Trump has recently strengthened his pro-cryptocurrency stance, there are analyses that this Republican-led discussion could also be linked to election balance strategy.
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