Crypto Lobby Groups Urge U.S. Congress to Pass Mining and Staking Tax Bill Without Further Amendment

On June 23, Cointelegraph reported that three major crypto lobbying organizations—the Blockchain Association, the Crypto Innovation Council, and the Digital Chamber of Commerce—jointly wrote to the U.S. Congress, urging for the Mining and Staking Tax Clarification Act to be passed as is, without further amendments. This bill allows miners and stakers to choose to pay taxes either when they receive crypto rewards or when they sell their assets, aiming to address liquidity issues caused by 'phantom income taxation.' Democratic Congressman Steven Horsford proposed an amendment that would limit the deferral of crypto reward taxes to five years, but the CEO of the Crypto Innovation Council stated that this amendment would 'undermine' the bill and only generate 'negligible revenue.' The American Bankers Association opposes the bill, claiming it gives cryptocurrencies a 'significant advantage,' while crypto lobby groups argue that renegotiating a previously reached compromise would 'revive the issues the bill seeks to resolve.'