The House Ways and Means Committee reviewed seven cryptocurrency tax reform proposals this week, while negotiations on the “Clarity Act” continue to advance.

According to Crypto in America, the U.S. House Committee on Ways and Means will hold a hearing this Tuesday on cryptocurrency tax reform, reviewing seven draft proposals covering stablecoin transactions, mining and staking, crypto lending, wash-sale rules, charitable donations, and taxpayer disclosure—effectively breaking down the previously proposed Digital Asset Tax Fairness Act into multiple standalone bills. Meanwhile, negotiations over the Senate’s “Clarity for Digital Assets Act” continue. Senator Cynthia Lummis stated the bill is more likely to advance after Congress reconvenes on July 13. Key points of contention include ethics provisions, regulatory language targeting decentralized finance (DeFi), and stablecoin yield. The banking industry continues lobbying against the stablecoin yield provision, while over 200 crypto organizations have jointly written to urge swift passage of the bill. Additionally, Illinois has proposed imposing a 0.2% tax on digital asset transactions, prompting strong opposition from industry groups, which warn the measure could drive crypto businesses out of the state.