H.R. 10357, Digital Asset Tax Relief. Quorum's AI analysis reads it as a net cost — and names who bears it.
H.R. 10357 · Net cost
What it does
This bill creates new tax rules for digital assets (cryptocurrencies and tokens) to reduce reporting burdens and align their treatment with traditional securities. It allows small transaction fees under $10 to be tax-free, lets investors elect simplified accounting for widely-held digital assets, treats U.S. dollar stablecoins as currency-like for tax purposes, and extends securities-lending rules to digital assets. The bill benefits digital asset traders and investors by lowering compliance costs and deferring or eliminating tax on small transactions.
The analysis names digital asset traders and dealers — and 4 more groups — among the beneficiaries.
The cost
Section 1044's $10 de minimis threshold for transaction fees may incentivize structuring of transactions to stay under the cap, reducing tax compliance without clear anti-abuse safeguards beyond regulatory authority.
The analysis put a high warning level on this bill. Transparency scores 55%, and the analysis found no provisions unrelated to the bill's subject.
Who is behind it
Filed by Jason Smith. Cosponsored by Aaron Bean, David Kustoff, Jodey Arrington and Max Miller.
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