The US House of Representatives held hearings on a crypto tax bill, with members of both parties questioning the details of the draft.

CoinFeed reported on June 10th, citing CoinDesk, that the U.S. House Ways and Means Committee held hearings on several crypto tax bills, with members of both parties questioning the details of the drafts and no consensus reached. The bills aim to address the tax burden on crypto users, including tax exemptions for small transactions and eliminating double taxation on mining and staking earnings (taxed once upon receipt and once upon sale). Committee Chairman Jason Smith stated that Americans who want to pay with stablecoins should enjoy the same convenience as with credit cards or cash, without having to deal with cumbersome tax paperwork. However, the hearings raised several concerns. Mike Kaercher, deputy director of the New York University Tax Law Center, pointed out that the deferred tax provisions for mining and staking could be abused, allowing taxpayers to permanently evade taxes through specific business structures. Democratic members expressed serious concern about this.