The House Ways and Means Committee held a legislative hearing on a package of bills creating a tax framework for digital assets, with members and witnesses agreeing on cutting paperwork but split over a proposal to defer tax on mining and staking rewards.

“The digital asset status quo is untenable. America needs clear tax rules of the road to remain the crypto capital of the world,” said Chairman Jason Smith (R-MO) in his opening statement, citing growth of the industry to more than 67 million American owners and a market capitalization above $2 trillion.

Ranking Member Richard Neal (D-MA) welcomed the discussion but urged caution. He said the committee should “be very careful about putting a thumb on the scale here,” noting that “it’s much easier to put something into the tax code than it is to take it out.” Neal praised bipartisan engagement and singled out Representative Steven Horsford (D-NV).

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