Crypto Tax Changes on Hold as Lawmakers Seek Regulatory Clarity

Congress is a long way from passing legislation on ways to tax digital assets, as lawmakers zero in on regulating the industry first amid a crowded congressional agenda.

Sen. Cynthia Lummis (R-Wyo.) and Sen. Kirsten Gillibrand (D-N.Y.) proposed a bill in July that would revamp the way the government regulates crypto, giving the Commodity Futures Trading Commission more authority. That legislation also clarifies some rules around the taxation of digital assets, many of which tax professionals say the industry would receive warmly.

The wider effort, though, is taking longer than expected, as lawmakers grapple with setting a framework for the ...