The House Ways and Means Committee posted the text of a 114-page crypto tax bill on Monday and scheduled a markup for Wednesday at 10 a.m. ET, sending a broad rewrite of how the tax code treats digital assets to a committee vote.

The Digital Asset Tax Certainty Act was introduced by committee Chairman Jason Smith of Missouri with eight cosponsors, among them Steven Horsford and Max Miller, the two members Smith singled out in June for treating crypto taxes as a bipartisan project.

One of its most-watched provisions stops short of the tax-free spending the industry has lobbied for. A new section 1044 would recognize no gain or loss when a digital asset pays a network or transaction fee of $10 or less, covering gas and brokerage costs rather than the purchase itself. Traders, brokers, dealers, businesses that batch validations for others and anyone who made more than 5,000 transfers of digital assets in the prior year are shut out. It applies to dispositions after Dec. 31, 2027. Senator Cynthia Lummis had pushed a $300 per-transaction exemption covering purchases in last year’s reconciliation fight.

Staking Rewards Stay Ordinary Income

Title IV adds a one-sentence rule: “Income from digital asset validation supporting activities shall be treated as ordinary income.” No election lets a miner or staker defer tax on newly minted tokens. In June, Smith described a mining and staking bill that “allows miners and stakers to treat this income like self-created property, depending on which method best matches the timing and character of the rewards.” That flexibility is absent from the introduced text. A trust would not lose its status as a trust solely because its trustee has the power to stake the digital assets it holds, though that protection does not reach an entity in the active business of validating transactions.

The bill also extends wash-sale rules to traded digital assets, disallowing a loss if the seller buys back the same or a near-identical asset inside the 30 days on either side of that sale. It keeps qualified lending transfers from counting as sales, sets a stablecoin basis band of 99.5% to 100.5% of redemption value, and gives Treasury a year from enactment to open a Digital Asset Voluntary Disclosure Program, where qualifying taxpayers could amend past returns and pay what they owe.

A Short Runway Before the Election

The House leaves Washington later this week and does not return until after the November election, so Wednesday’s vote sets up work for the next Congress more than a law this year. The Senate is set to hold its own cloture vote on the Clarity Act on Tuesday, the market structure bill that would occupy the House if it advances.

Related Listen: The Chopping Block: Gauntlet’s $125M SBI Raise, Balaji’s Malaysia Exodus & the CLARITY Bill Endgame with Patrick Witt