On June 8, as the US Senate continues to coordinate the Digital Asset Market Clarity Act, the House of Representatives will shift its focus this week to crypto tax reform. The House Ways and Means Committee will hold a hearing on Tuesday, inviting representatives from Fidelity, Coinbase, Coin Center, and New York University to review seven digital asset tax proposals. These proposals will split the previously introduced Digital Asset PARITY Act by Representatives Max Miller and Steven Horsford into seven separate bills, covering topics such as stablecoin transactions, mining and staking, crypto lending, wash sale rules, charitable donations, and taxpayer information disclosure. Industry organizations like the Digital Chamber, Blockchain Association, and Crypto Council for Innovation support this split legislation, believing it increases the likelihood of passage. However, some industry insiders remain cautious about certain provisions. Meanwhile, the Senate is still coordinating the final version of the Clarity Act. Senator Cynthia Lummis stated that due to the need to integrate versions from the Senate Banking Committee and Agriculture Committee, as well as to add ethical provisions and amendments 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 contentious issue. JPMorgan CEO Jamie Dimon and other banking industry figures continue to oppose the current proposal, fearing that stablecoins could lead to a loss of bank deposits; supporters argue that stablecoins can coexist with the traditional banking system and help promote the development of digital asset services. Additionally, over 200 crypto companies and industry organizations sent a joint letter to Senate leadership on Monday, urging for the swift advancement of the Clarity Act to the full chamber voting process. Notably, a new budget proposal set to be implemented in Illinois includes a 0.2% tax on certain digital asset transactions, which has drawn opposition from industry organizations. Local associations warn that this measure could drive crypto businesses and capital out of the state.