Quick Breakdown
- The Senate Finance Committee will hold a hearing on crypto taxes on Wednesday, led by Chairman Mike Crapo.
- Witnesses include Coinbase’s Lawrence Zlatkin, Coin Centre’s Jason Somensatto, and other tax experts.
- Senator Cynthia Lummis is pushing to end what she calls double taxation on miners and stakers.
The US Senate Finance Committee is preparing to hold a hearing next week to address how digital assets should be taxed, marking another step in Washington’s ongoing effort to clarify the regulatory framework for cryptocurrencies.
Hearing scheduled for Wednesday
Committee Chair Mike Crapo will lead the session on Wednesday, during which lawmakers will hear from leading industry figures and tax experts. Coinbase vice president of tax, Lawrence Zlatkin, and Coin Centre’s policy director, Jason Somensatto, are among those set to testify, according to a Wednesday notice.
🚨NEW: The @SenFinance Committee has just announced a hearing next Wednesday, October 1st at 10AM EST on crypto taxes.
Witnesses include:
📌Jason Somensatto, Director of Policy at @coincenter
📌Andrea S. Kramer, Founding Member of ASKramer Law
📌Lawrence Zlatkin, Vice… pic.twitter.com/fSsqGobJYY— Eleanor Terrett (@EleanorTerrett) September 24, 2025
The panel will also include Annette Nellen, chair of the Digital Assets Tax Task Force at the American Institute of Certified Public Accountants (AICPA), and Andrea S. Kramer, founding member of ASKramer Law, a Chicago-based firm specializing in crypto taxation.
Aligned with White House recommendations
The hearing comes on the heels of the White House Digital Asset Working Group’s July report, which urged lawmakers to treat crypto as a distinct asset class. The recommendations suggested tailoring existing securities and commodities tax rules to fit digital assets.
If Congress fails to pass new legislation, the report advised the Treasury Department and Internal Revenue Service (IRS) to clarify how stablecoin payments, airdrops, staking, and mining rewards should be taxed.
Currently, the IRS classifies cryptocurrencies and NFTs as property, meaning even small transactions can trigger a capital gains event if the assets are sold or transferred at a profit.
Push against double taxation
Senator Cynthia Lummis has been vocal about what she describes as “unfair tax treatment” for crypto miners and stakers. According to her, participants face double taxation—first when block rewards are received, and again when they are eventually sold.
Although Lummis attempted to insert a provision addressing the issue into President Trump’s budget reconciliation bill in July, the measure did not make it to the Senate floor.
She has continued to call for reforms, emphasizing the need to make the US
“the world’s Bitcoin and Crypto Superpower.”
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