Experts from the crypto and tax world, including representatives from Coin Center, Coinbase, will testify
The U.S. government is stepping up its focus on crypto regulation.
In a latest update, the Senate Finance Committee has announced a hearing on crypto taxes. With experts from across the crypto and tax world set to testify, the session could be a key moment in shaping the future of crypto taxation in the U.S.
The Senate Finance Committee, led by Mike Crapo, is set to hold a hearing on Wednesday, October 1 at 10:00 AM to examine the taxation of digital assets.
The witnesses include Jason Somensatto, Policy Director at Coin Center; Andrea S. Kramer, Founding Member of ASKramer Law; Lawrence Zlatkin, Vice President of Tax at Coinbase; and Annette Nellen, Chair of the Digital Assets Tax Task Force at the American Institute of CPAs.
This hearing shows that crypto tax rules are finally getting the attention they deserve.
The White House’s July recommendations have also urged lawmakers to treat crypto as a new asset class and adjust old tax rules so they fit digital assets. If the Congress fails to step up, the Treasury and IRS are likely to provide guidance on the taxation of stablecoin transactions and small crypto earnings like those from airdrops, mining, or staking.
Currently, the IRS classifies cryptocurrencies and NFTs as property rather than currency, so any sale or transfer that generates a profit may be subject to capital gains taxes.
The Trump administration continues to back de minimis tax exemptions for crypto transactions.
In July, White House Press Secretary Karoline Leavitt said the goal is to make using crypto as simple as buying a cup of coffee. This move is aimed at making digital assets easier to use in everyday transactions.
Senator Cynthia Lummis has also argued that crypto miners and stakers face “unfair tax treatment,” getting taxed twice, once when they earn block rewards and again when they sell them.
Her earlier proposal to address this issue did not make it into the budget bill.
However, on July 3, 2025, she introduced a comprehensive digital asset tax legislation to reform how digital assets are taxed. The bill would let miners and stakers report income only when they sell their crypto, rather than when they earn it.
The bill includes a $300 de minimis rule, meaning individual purchases under $300 won’t trigger taxes, up to a limit of $5,000 per year. This legislation is being closely watched as a potential turning point for crypto taxation.
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