U.S. House Plans to Exempt Network Fees Under $10, Not Applicable for Over 5000 Transactions Annually

The chairman of the U.S. House Ways and Means Committee, Jason Smith, announced the "Digital Asset Tax Clarification Act" (H.R. 10357), which aims to exempt taxes on network or transaction fees below $10. The bill is set for committee review on September 16 at 10 a.m. The legislation stipulates that users who exceed 5000 transactions in the previous year will not be eligible for the aforementioned fee exemption. Accompanying legislation aims to include digital assets in wash sale rules and presumption of sale rules, but excludes qualified U.S. dollar stablecoins, with an expected increase of $2.074 billion in revenue from fiscal years 2026 to 2036. The accompanying bill also proposes allowing miners and stakers to defer income from newly generated tokens until the time of sale, with an estimated ten-year fiscal cost of $2.956 billion. Republican members of the committee are considering removing related provisions or limiting the deferral period to five years.

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