A key committee in the U.S. House of Representatives is preparing legislation to build a tax structure for cryptocurrencies.

CoinFeed reported on June 5th that, according to Bloomberg, the U.S. House Ways and Means Committee is preparing legislation to build a tax structure for cryptocurrencies, which could be released as early as Friday, followed by hearings early next week. Committee Chairman Jason Smith has prioritized developing a tax framework for digital assets, and the Treasury Department is also involved in the process. The committee is expected to release seven bills addressing topics such as when tokens obtained through mining or staking should be taxed, exemption of certain stablecoin transactions from capital gains tax, equal tax treatment for digital assets and securities (including charitable donations), allowing foreign investors to trade U.S. securities without considering them as safe harbors for domestic corporate taxation, and extending laundering rules to digital assets.