The US Senate Finance Committee will hold a hearing next Wednesday to address tax matters concerning digital assets, in line with the White House’s report from July. The session will feature testimony from experts, including Coinbase's Lawrence Zlatkin and Coin Center's Jason Somensatto. This follows a call for recognition of crypto as a unique asset class and the need for tailored tax regulations that distinguish them from traditional securities and commodities. The IRS currently treats cryptocurrencies as property, leading to capital gains tax implications for transactions. Senator Cynthia Lummis has highlighted the double taxation faced by crypto miners and stakers, advocating for fairer tax treatment. The committee will also include insights from Annette Nellen, chair of the Digital Assets Tax Task Force. As regulatory frameworks for crypto evolve, this hearing becomes a pivotal moment for shaping how digital assets will be taxed going forward.

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