{"database": "press", "table": "releases", "rows": [["https://yakym.house.gov/posts/rep-yakym-introduces-legislation-to-cut-red-tape-for-digital-asset-owners", "Rep. Yakym Introduces Legislation to Cut Red Tape for Digital Asset Owners", "2026-06-09", "2026", "2026-06", "Republican", "House", "IN", "Rudy Yakym III", "Y000067", "yakym.house.gov", "yakym", "https://yakym.house.gov/press", "scraper", "WASHINGTON, D.C. \u2013 On Monday, Rep. Rudy Yakym (IN-02) introduced the Less Tax Paperwork for Digital Asset Owners Act (H.R. 9178), legislation to reduce the administrative burden on Americans who use digital assets by streamlining federal tax reporting requirements.\n\n\u201cPresident Trump has set a clear goal: make America the crypto capital of the world. This bill does exactly that by stripping away the unnecessary red tape that makes digital asset ownership needlessly complicated for everyday Americans,\u201d Rep. Rudy Yakym said. \u201cWhen the paperwork is simpler, compliance goes up and innovation follows. This is common-sense tax reform.\u201d\n\n\u201cDigital assets are an increasingly popular option for folks engaging in common commercial transactions like paying for goods and services \u2013 including small, routine purchases,\u201d Ways and Means Committee Chairman Jason Smith (MO-08) said. \u201cHowever, the current tax treatment of digital asset transactions is needlessly burdensome for all involved, from those engaging in everyday commerce to regulators having to comb through a mountain of paperwork related to each individual transaction. The Less Tax Paperwork for Digital Asset Owners Act will streamline and make the tax treatment of digital assets more efficient by recognizing certain transactions should not need an accountant to execute. Representative Yakym is leading the charge in bringing some commonsense into the tax treatment of digital asset transactions and promoting greater administrability of our tax laws so that more Americans can participate in the digital asset economy.\u201d\n\nRead the full bill text HERE.\n\nBackground:\n\nThe digital asset market reached $3 trillion in total capitalization in 2025, and estimates show up to 30% of American adults own digital assets. Yet under current law, every digital asset transaction, no matter how small or routine, triggers separate reporting obligations.\n\nThat patchwork of requirements is punitive, administratively inefficient, and discourages the kind of innovation President Trump has made a national priority.\n\nThe Less Tax Paperwork for Digital Asset Owners Act reduces burden and promotes compliance by:\n\nExcluding gain or loss on digital assets used to pay a network fee. Routine, small-dollar network transactions will no longer trigger a reporting event;\n\nExcluding gain or loss on regulated U.S. dollar stablecoins. Transactions in dollar-backed stablecoins are treated as the dollar equivalents they are; and\n\nCreating an election for a simplified accounting method for digital assets, giving owners a cleaner, more manageable way to track and report their holdings.\n\nTogether, these changes provide taxpayers with certainty, reduce burden, promote compliance, and position the United States to lead the global digital economy.", 1, "2026-06-10T06:36:00Z", "2026-06-10T06:37:32Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://yakym.house.gov/posts/rep-yakym-introduces-legislation-to-cut-red-tape-for-digital-asset-owners"], "units": {}, "query_ms": 1.5471989754587412, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}