The U.S. House Ways and Means Committee is reviewing seven cryptocurrency tax reform proposals, focusing on areas such as stablecoin transactions, mining, staking, and crypto lending. These proposals aim to break down the Digital Asset Tax Fairness Act into standalone bills. Meanwhile, the Senate's "Clarity for Digital Assets Act" is under negotiation, with discussions expected to progress after Congress reconvenes on July 13. Key issues include ethics provisions and regulations on decentralized finance (DeFi) and stablecoin yield. In parallel, Illinois has proposed a 0.2% tax on digital asset transactions, facing strong opposition from industry groups who argue it could drive crypto businesses out of the state. Over 200 crypto organizations have urged for the swift passage of the Clarity Act, highlighting the ongoing debate over regulatory approaches to digital assets.