BlockBeats News, June 8th, as the US Senate continues to coordinate on the Digital Asset Market Clarity Act, the US House of Representatives will shift its focus to crypto tax reform this week. The House Ways and Means Committee will hold a hearing on Tuesday inviting representatives from Fidelity, Coinbase, Coin Center, and New York University to attend and discuss seven digital asset tax proposals.

The related proposals will split the previously introduced Digital Asset PARITY Act by Representatives Max Miller and Steven Horsford into seven standalone bills covering stablecoin transactions, mining and staking, crypto lending, wash sale rules, charitable donations, and taxpayer information disclosure.

Industry organizations such as The Digital Chamber, Blockchain Association, and Crypto Council for Innovation have expressed support for this move, believing that breaking down the legislation will help increase the probability of passage. However, some industry insiders still have reservations about certain terms.

Meanwhile, the Senate is still coordinating on the final version of the Clarity Act. Senator Cynthia Lummis stated that due to the need to integrate the Senate Banking Committee and Agriculture Committee versions, and to include ethics provisions and revisions to the GENIUS Act, the bill is more likely to enter the full chamber voting process after Congress reconvenes on July 13.

The stablecoin yield mechanism remains a point of contention. Banking industry figures such as JPMorgan Chase CEO Jamie Dimon continue to oppose the current proposal, fearing stablecoins could lead to bank deposit outflows; while supporters argue that stablecoins can coexist with the traditional banking system and help drive the development of digital asset services.

In addition, over 200 crypto companies and industry organizations co-signed a letter to the Senate leadership on Monday urging swift action to advance the Clarity Act to a full chamber vote.

Of note, Illinois's upcoming budget includes a 0.2% tax on certain digital asset transactions, leading to opposition from industry organizations. Local associations have warned that this measure could prompt crypto businesses and capital to leave the state.