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06/23 05:36

Crypto lobbying groups are urging the US Congress to pass a cryptocurrency tax bill without further amendments. The bill, known as the "Digital Asset Mining and Staking Tax Transparency Act", aims to resolve liquidity issues caused by "taxing unrealized gains" by allowing miners and stakers to choose when to pay taxes on their crypto rewards. The groups, including the Blockchain Association and the Crypto Council for Innovation, have written to Congress requesting the bill be passed in its original form. A proposed amendment by Democratic Representative Steven Horsford would limit tax deferrals on crypto rewards to five years, but the Crypto Council for Innovation argues this would weaken the bill and only generate "insignificant revenue". The American Bankers Association opposes the bill, citing an unfair advantage for crypto, while crypto groups argue that renegotiating existing compromises would revive issues the bill aims to address
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