The US House of Representatives focused on cryptocurrency tax reform this week, while the Senate continued to advance the Clarity Act.

As of June 8, while the U.S. Senate continues hammering out details of the Digital Asset Market Clarity Act, the U.S. House of Representatives is shifting its focus to crypto tax reform this week. The House Ways and Means Committee will host a hearing Tuesday, inviting representatives from Fidelity, Coinbase, Coin Center, and New York University to discuss seven digital asset tax proposals. These proposals split the previously introduced Digital Asset PARITY Act—sponsored by Representatives Max Miller and Steven Horsford—into seven standalone bills covering distinct areas: stablecoin transactions, crypto mining and staking, lending, wash sale rules, charitable giving, and taxpayer information disclosure. Industry groups including The Digital Chamber, Blockchain Association, and Crypto Council for Innovation back this split, arguing breaking legislation into smaller chunks boosts its passage odds. Still, some industry insiders hold reservations about specific terms within the bills. Over in the Senate, work on the final version of the Clarity Act remains ongoing. Senator Cynthia Lummis noted that integrating versions from the Senate Banking and Agriculture Committees, plus adding ethics provisions and GENIUS Act revisions, means the bill is more likely to head to a full chamber vote after Congress reconvenes on July 13. A key sticking point: the stablecoin yield mechanism. Banking leaders like JPMorgan Chase CEO Jamie Dimon continue opposing the current proposal, warning stablecoins could trigger bank deposit outflows. Supporters counter that stablecoins can coexist with the traditional banking system and fuel digital asset service growth. Separately, over 200 crypto firms and industry groups sent a joint letter to Senate leadership Monday, urging swift action to advance the Clarity Act to a full floor vote. Notably, Illinois’ upcoming state budget includes a 0.2% tax on certain digital asset transactions, drawing sharp pushback from industry groups. Local associations warn this measure could drive crypto businesses and capital out of the state.