On July 9, 2025, the U.S. Congress is holding a hearing focused on tax policy for digital assets, aiming to create a modern taxation framework that fosters the development of digital assets in the country.
Rumors of 0% Capital Gains Tax
Online discussions are swirling around the possibility of a proposed 0% capital gains tax for U.S.-based tokens. If confirmed, this could represent a significant shift for investors, potentially triggering a rally in the crypto markets.
However, there is currently no confirmation regarding a 0% capital gains tax. Observers note that there is no bill, draft, or official framework supporting this claim, labeling it speculation. The House hearing appears to be more about laying groundwork for future crypto tax policy rather than announcing immediate changes.
General Sentiment in Crypto
Despite the lack of official updates, many traders view the current speculation as a sign that the U.S. may be warming up to digital assets. The clarity of tax laws is seen as essential for mainstream adoption of cryptocurrencies.
Fox Business journalist Eleanor Terrett reported that the hearing on "Digital Asset Tax Policy" has been postponed. The House is not in session this week, and a new date is yet to be announced.
Senator Lummis Advocates for Clearer Crypto Tax Rules
Senator Cynthia Lummis introduced a new bill aimed at updating crypto tax rules as Congress pushes for clearer regulations for digital assets. She emphasized that for the U.S. to remain a global leader, the tax system should facilitate, not hinder, the use and innovation of digital assets such as cryptocurrency.
The proposal seeks to align crypto tax rules with traditional finance, simplifying the process. Key updates include exempting transactions under $300, excluding crypto lending from taxation, and deferring taxes on mining and staking rewards until tokens are sold. It also closes the wash sale loophole and allows traders to use mark-to-market accounting similar to traditional asset tax rules. The bill is projected to raise approximately $600 million by 2034, with Lummis seeking public input to facilitate its passage.
The hearings in the U.S. Congress raise significant questions about the development of tax policy for digital assets, with potential implications for the future of cryptocurrencies in the country.
