Crypto taxation moves to the center of Washington’s digital asset debate as the House prepares to examine seven separate legislative drafts. Meanwhile, Senate lawmakers continue negotiating the Clarity Act, with unresolved disputes over DeFi, ethics rules, and stablecoin yields slowing progress.
🚨🗞️NEW: House Turns to Crypto Taxes as Clarity Act Negotiations Continue in the Senate
— Eleanor Terrett (@EleanorTerrett) June 8, 2026
Plus, what we're watching this week and a roundup of weekend headlines. ⬇️https://t.co/4u2Vv7GwP9
The House Ways and Means Committee will hold a hearing on Tuesday featuring representatives from Fidelity, Coinbase, Coin Center, and New York University. The session will examine proposals designed to change how miners, validators, lenders, traders, donors, and stablecoin users report digital asset activity.
Seven Tax Drafts Reach House Review
Lawmakers divided the broader Digital Asset PARITY Act into seven standalone proposals. Representatives Max Miller and Steven Horsford introduced the original bipartisan framework, while Senator Cynthia Lummis previously advanced similar tax legislation in the Senate.
The drafts address routine stablecoin transactions, mining and staking income, crypto lending, wash sale treatment, charitable donations, and voluntary taxpayer disclosures. Splitting the provisions allows lawmakers to consider each tax issue separately rather than advancing one large package.
Industry organizations, including the Digital Chamber, Blockchain Association, and Crypto Council for Innovation, welcomed the committee’s approach. The Digital Sovereignty Alliance said separate drafts could give lawmakers more room to examine staking, mining, lending, and wash sale rules.
However, some industry participants have raised concerns about individual provisions. Those objections had not entered the public record before the scheduled hearing.
Related: US House Circulates Seven Crypto Tax Drafts Ahead of June Hearing
Illinois Tax Adds State-Level Pressure
The federal discussion arrives as Illinois considers a separate 0.2% tax on certain digital asset transactions. Lawmakers included the measure in a $56 billion state budget that awaits Governor JB Pritzker’s signature.
The Illinois Blockchain Association and the Digital Chamber urged state lawmakers to reconsider the levy. Their joint letter argued that the transaction tax could discourage investment and push digital asset businesses outside Illinois.
Illinois hosts more than 300 blockchain and crypto companies. Chicago also supports major derivatives markets through regulated institutions such as CME Group and Cboe.
Related: Hungary Scraps Criminal Penalties for Crypto Services
Clarity Act Timing Remains Uncertain
Senate negotiations will continue as lawmakers combine the Banking and Agriculture Committee versions of the Clarity Act. They must also resolve ethics provisions, DeFi language, and technical changes linked to the GENIUS Act.
Lummis said a vote before the July 4 recess remains possible, though consideration after lawmakers return on July 13 appears more likely. The Senate would need 60 votes to advance the combined legislation.
Stablecoin yield remains another disputed area. Banking groups argue that yield-bearing products could pull deposits from traditional institutions. Supporters maintain that banks can integrate digital asset services without losing their existing role.
Lummis said bank deposits have risen while stablecoin issuance expanded. Former Senator Pat Toomey also addressed Republican lawmakers and argued that concerns over deposit migration were overstated.
Additionally, more than 200 crypto organizations signed a letter urging Senate leaders to bring the Clarity Act to the floor quickly.
