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U.S. Senate Schedules Crypto Tax Hearing, Industry Leaders to Testify

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The post U.S. Senate Schedules Crypto Tax Hearing, Industry Leaders to Testify appeared first on Coinpedia Fintech News

The U.S. government is stepping up its focus on crypto regulation.

In a latest update, the Senate Finance Committee has announced a hearing on crypto taxes. With experts from across the crypto and tax world set to testify, the session could be a key moment in shaping the future of crypto taxation in the U.S.

Tax Experts, Coinbase Executives To Testify 

The Senate Finance Committee, led by Mike Crapo, is set to hold a hearing on Wednesday, October 1 at 10:00 AM to examine the taxation of digital assets. 

The witnesses include Jason Somensatto, Policy Director at Coin Center; Andrea S. Kramer, Founding Member of ASKramer Law; Lawrence Zlatkin, Vice President of Tax at Coinbase;  and Annette Nellen, Chair of the Digital Assets Tax Task Force at the American Institute of CPAs.

This hearing shows that crypto tax rules are finally getting the attention they deserve.

Time for Updated Crypto Tax Guidance

The White House’s July recommendations have also urged lawmakers to treat crypto as a new asset class and adjust old tax rules so they fit digital assets. If the Congress fails to step up, the Treasury and IRS are likely to provide guidance on the taxation of stablecoin transactions and small crypto earnings like those from airdrops, mining, or staking.

Currently, the IRS classifies cryptocurrencies and NFTs as property rather than currency, so any sale or transfer that generates a profit may be subject to capital gains taxes.

Trump Administration Backs Crypto Tax Exemptions

The Trump administration continues to back de minimis tax exemptions for crypto transactions.

In July, White House Press Secretary Karoline Leavitt said the goal is to make using crypto as simple as buying a cup of coffee. This move is aimed at making digital assets easier to use in everyday transactions.

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Lummis Pushes Fairer Crypto Tax Rules

Senator Cynthia Lummis has also argued that crypto miners and stakers face “unfair tax treatment,” getting taxed twice, once when they earn block rewards and again when they sell them.

Her earlier proposal to address this issue did not make it into the budget bill. 

However, on July 3, 2025, she introduced a comprehensive digital asset tax legislation to reform how digital assets are taxed. The bill would let miners and stakers report income only when they sell their crypto, rather than when they earn it.

The bill includes a $300 de minimis rule, meaning individual purchases under $300 won’t trigger taxes, up to a limit of $5,000 per year. This legislation is being closely watched as a potential turning point for crypto taxation.

The push for fairer crypto taxes and clearer market rules signals that U.S. crypto regulation is entering a new phase, one that could bring more clarity and stability to the industry.

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FAQs

How are cryptocurrencies taxed in the US?

The IRS treats crypto as property, meaning sales or transfers that generate a profit are subject to capital gains taxes, similar to selling a stock or other asset.

Are airdrops and staking rewards taxable?

Yes, currently, airdrops and staking rewards are considered taxable income by the IRS based on their fair market value at the time you receive them.

How much is crypto taxed?

Crypto profits are taxed as capital gains. The rate depends on your income and how long you held the asset, ranging from 0% to 37% for short-term holdings.

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