Rep. Mike Kelly Backs Bill Easing Digital Asset Charitable Donations
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Topics in This Edition
Summary
The Forbes clip shows Rep. Mike Kelly (R-PA) questioning witnesses during a June 9, 2026 Ways & Means hearing on digital asset taxation. Kelly highlights outdated 1986 tax code appraisal rules as barriers to donating widely traded cryptocurrencies and endorses the proposed Charitable Deductions for Digital Asset Donations Act for parity with stocks. Mr. Slotkin explains that the bill defines eligible assets with market-price safeguards and eliminates qualified appraisals for qualifying donations. The segment focuses on facilitating philanthropy without added costs.
Editorial Assessment
The broadcast accurately conveys the bill's core mechanism and rationale, corroborated by Kelly's press release and committee materials. Viewers miss that the legislation remains a new proposal introduced the same week and applies only to narrowly defined widely traded assets. Framing emphasizes donor friction over potential revenue or abuse concerns noted in related amendments. No factual errors appear, though broader hearing context on other digital asset provisions is absent.
Key Moments
Current appraisal requirement creates a meaningful barrier to charitable giving of publicly traded digital assets
IRS CCA 202302012 and Pub 561 require qualified appraisals for crypto donations over $5,000; exchange prices alone do not suffice
Proposed bill provides parity with publicly traded stocks for widely traded digital assets
H.R. 9173 explicitly amends IRC 170(f)(11) to exempt qualifying widely traded digital assets from appraisal requirements
Digital asset industry is $2 trillion
CoinGecko and market data placed total crypto market cap near $2.2-2.3 trillion in mid-June 2026
Bill includes safeguards against self-dealing and requires price discovery on public exchanges
Bill text and committee summaries define widely traded assets with market-cap thresholds, trading history, and anti-abuse rules
Sources Consulted
- Kelly introduces Charitable Deductions for Digital Asset Donations Act | Congressman Mike Kelly
- All Info for H.R.9173 - 119th Congress (2025-2026): Charitable Deductions for Digital Asset Donations Act | Congress.gov
- Full Committee Legislative Hearing on Digital Asset Taxation | Ways and Means
- New Legislation Modernizes Tax Rules for Digital Assets | Ways and Means
- Rep. Mike Kelly discusses Charitable Deductions for Digital Asset Donations Act
- Kelly wants to exempt use of crypto for charitable giving | Ripon Advance
- House Ways and Means Committee Considers Digital Asset Tax Legislation | Cozen O'Connor
- Congress introduces bills to overhaul digital asset tax rules | Accounting Today
- H.R. 9173, the Charitable Deductions for Digital Asset Donations Act | Tax Notes
- CHARITABLE DEDUCTIONS FOR DIGITAL ASSET DONATIONS ACT - H.R. 9173 (PDF)
- Chairman Smith at Digital Asset Legislative Hearing | Ways and Means
- Ways and Means Hears From Tax, Crypto Experts on Digital Asset Proposals | Thomson Reuters