H.R. 10357

Digital Asset Tax Certainty Act

Official summary

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Text of the bill

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I Removing tax barriers to the use of digital assets as a medium of exchange

II Providing parity between digital assets and comparable traditional financial assets

III Applying existing tax anti-abuse rules to digital assets

IV Clarifying the tax treatment of mining and staking

V Ensuring that owners and users of digital assets face an appropriate tax compliance burden

VI Definitions; regulations; rules of construction

VII Full House Act

Sec. 701. Reinstatement of rules for wagering losses

(a) In general. Section 165(d) is amended to read as follows:

Text this section adds to the law

(d) Wagering losses. Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, the term losses from wagering transactions includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.

(b) Effective date. The amendment made by this section shall apply to taxable years beginning after December 31, 2025.