The U.S. House Ways and Means Committee has approved a reform of cryptocurrency taxation.

Lawmakers voted 38 in favor and 5 against. The bill exempts the recognition of gains or losses when using cryptocurrency to pay fees of up to $10. The bill also addresses small deviations from the dollar peg for dollar-denominated stablecoins. For tax purposes, their redemption value will be taken into account.

In addition, the proposal extends wash-sale rules to widely traded digital assets. It also establishes new rules for income from mining and staking. If adopted, taxpayers will be able to choose simplified annual accounting for widely traded digital assets. The proposal has been sent to the full House of Representatives for a vote. The changes could take effect in 2028.