US Lawmakers Set to Examine Crypto Tax Policy as Key Legislation Advances

Lawmakers are gearing up to pass three bills for the blockchain industry following a pivotal week of hearing dubbed as "crypto week."

The U.S congress has been working on a legislation that the crypto industry is hoping will bring greater clarity and help the industry grow, primarily through two bills that target regulatory issues and one at ablecoins.

The hearing, scheduled for July 16 by the House Committee on Ways and Means and its Oversight Subcommittee.

The official notice for the hearing indicated that the session will center on “affirmative steps needed to place a tax policy framework on digital assets.”

However, it did not specify which witnesses would testify or reference any previously proposed policies.

The three bills that lawmakers are considering these three weeks are:

Establishing The Guidelines For National Innovation Through The GENIUS Act

The GENIUS Act is probably the most recognisable law among the three bills, and it has been the long-awaited regulatory framework for stablecoins.

The bill was introduced in February, just one week after President Donald Trump took his oath of office.

The bill is now looking to pass the House of Representatives after passing the Senate in a bipartisan vote on June 17.

This bill will determine what type of entities will have the right to issue stablecoins and states that "issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S currency or other similar liquid asset."

It also subjects issuers to the Bank Secrecy Act and sets provisions for the event of a stablecoin issuer going insolvent.

Anti-CBDC Surveillance State Act

The Anti-CBDC Surveillance bill was first introduced by Republican Representative Toim Emmer on March 6, which blocks the the U.S central Bank from issuing a CBDC.

Citing citizens' privacy, the act would deter the Fed from issuing a CBDC either by itself or through a third party.

This would also stop the Fed from influencing the monetary policy, giving the Congress the sole authority to issue a digital dollar.

The Blockchain Association, the Digital Chamber of Commerce and a number of other banking lobbies has all support the bill.

Digital Asset Market Clarity Act (CLARITY Act)

The CLARITY Act is probably the most important and recent addition to the bills, introduced by Republican Representative French Hill only at the end of June.

The Bill aims to provide a framework for the digital assets industry while also providing greater clarity of what are the roles of the Securities and Exchange Commisssion and the Commmodity Futures Trading Commisssion.

The Howey test was commonly perceived by the crypto industry to be an outdated and should not be used to regulate digital assets.

The CLARITY Act proposes a key exemption from the Securities Act of 1933 by removing the registration requirement for investment contracts involving digital commodities—but only if they’re issued on "mature" blockchains that meet specific criteria.

To qualify as a "mature" blockchain, the network must derive the majority of its token’s value from actual usage and utility within the ecosystem.

Additionally, these networks must operate without user restrictions, and no single party or entity can control more than 20% of the token supply.

If passed, the bill would grant the Commodity Futures Trading Commission (CFTC) exclusive authority over crypto transactions—shifting regulatory power away from the SEC.

It would also require crypto exchanges and brokers to register with the CFTC and comply with strict standards around recordkeeping, reporting, antitrust, and other regulatory obligations.

Recent Developments and Industry Testimony

The announcement follows a Senate Banking Committee session where industry leaders—including Ripple CEO Brad Garlinghouse, Blockchain Association CEO Summer Mersinger, and Chainalysis CEO Jonathan Levin—provided testimony on market structure legislation.

Meanwhile, House and Senate Republicans continue to propose different legislative approaches to address pressing regulatory issues in the crypto and blockchain sectors, but neither has passed either chambers.

During the recent debate over President Donald Trump’s budget bill, Senator Cynthia Lummis of Wyoming proposed an amendment to address double taxation for cryptocurrency miners and stakers.

Although the amendment was not included in the final bill, Lummis subsequently introduced a standalone draft bill focused on digital asset taxation.

Next Steps for Crypto Legislation

Republican lawmakers are positioning the upcoming week as a “crypto week,” with the House expected to discuss and potentially vote on the GENIUS Act, the Anti-CBDC Surveillance State Act, and the CLARITY Act.

The GENIUS Act, now awaits a full House vote following possible amendments and debate. President Trump has urged lawmakers to pass a “clean” version of the bill with "no add-ons", pledging to sign it immediately if approved.

As the regulatory landscape for digital assets continues to evolve, the outcome of these hearings and legislative efforts will be closely watched by industry stakeholders, investors, and policymakers seeking clarity and innovation in the US crypto market.