Republican tax drafter Steve Daines told Bloomberg Tax on June 23 that the Senate’s cryptocurrency tax legislation framework is largely in place, and is “more similar than different” to the version previously released by the House Ways and Means Committee; he also said he hopes to hold a legislative markup meeting within the year, but did not disclose specific provisions.
The Senate Finance Committee has held a digital asset tax hearing; the House submits HR 8899
Progress on the two-chamber process for crypto tax legislation: the Senate Finance Committee, chaired by Mike Crapo, held an Oct. 2025 hearing titled “Reviewing Digital Asset Taxation,” laying the conceptual groundwork for the legislation framework taking shape.
In the House, the “PARITY Act” (HR 8899) was formally introduced in March 2026, focusing on updates to stablecoin taxation and the definitions of digital assets. Draft discussions from the House Ways and Means Committee are aimed at achieving tax parity between digital assets and traditional securities, and establishing clearer rules for decentralized activities.
The “PARITY Act” is advancing separately from HR 3633 on a different legislative track. The “GENIUS Act,” passed in 2025, has set a legislative precedent for congressional involvement in digital asset regulation, mainly focusing on stablecoins.
Senate Banking Committee passes HR 3633 in a 15–9 vote
The Senate Banking Committee passed HR 3633 on May 14, 2026 by a 15–9 bipartisan vote, the latest quantitative record of the two parties’ willingness to cooperate on crypto regulatory legislation. Because tax legislation and market-structure legislation follow different tracks, the passage of HR 3633 does not directly determine the progress of the crypto tax framework. Still, in terms of the level of cooperation between the two parties, it provides a legislative signal that can be referenced.
Daines: Wants a markup meeting within the year
In an interview with Bloomberg Tax, Daines said the tax framework is largely in place but did not disclose specific provisions. He hopes to hold a markup meeting within the year and did not provide a schedule. The Senate Finance Committee, chaired by Mike Crapo, is the most natural place to advance this tax legislation.
Wyoming Senator Cynthia Lummis previously proposed a digital asset tax plan and is a representative figure in Capitol Hill’s crypto legislation.
In this tax framework, the taxable timing of staking rewards is the key open issue, and different legislative choices directly affect the cost structure of holding staking assets worth billions of dollars on networks such as Ethereum, Solana, and Cosmos.
Frequently Asked Questions
What stage is U.S. cryptocurrency tax legislation at in each chamber?
Senate: Steve Daines said the tax legislation framework is largely formed, and the Senate Finance Committee completed a hearing in Oct. 2025; Daines wants a markup meeting within the year but gave no specific timeline. House: The “PARITY Act” (HR 8899) was introduced in March 2026, and the House Ways and Means Committee draft discussions cover tax parity for digital assets and rules for decentralized activities.
What does the “PARITY Act” (HR 8899) and the “Digital Asset Market Transparency Act” (HR 3633) each focus on?
HR 8899 focuses on crypto tax issues, including stablecoin taxation and updates to digital asset definitions, led by the House Committee on Financial Services. HR 3633 focuses on regulation of crypto market structure (not taxes). It passed 15–9 in the Senate Banking Committee on May 14, 2026. The two bills follow different legislative tracks and are advancing independently.
Why is the taxable timing of staking rewards considered a key issue?
Current tax law does not clearly define the taxable timing for staking rewards. If legislation specifies taxation upon receipt (rather than upon sale or disposition), compared with proposals that tax upon disposition, it would have different effects on investors’ financial planning and liquidity needs for staking assets on major proof-of-stake networks such as Ethereum, Solana, and Cosmos.
