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06/23 05:48

Crypto lobby urges Congress pass staking and minin

#World Cup Predictions: 100,000 USDT Daily #2026 World Cup Posting Challenge on HTX Square #HTXCommunity4thAnniversary Crypto lobby urges Congress pass staking and mining tax bill as isA group of crypto lobbying organizations has urged Congress to pass a bill on crypto staking and mining taxes without changes, saying it would provide clarity on crypto rewards taxes and ensure blockchains "can be secured by Americans in America." The Blockchain Association, the Crypto Council for Innovation and The Digital Chamber said in a letter on Sunday to House Ways and Means Committee Chair Jason Smith and its top Democrat, Richard Neal, that the Tax Clarity for Mining and Staking Act should be passed "as introduced." "After years of uncertainty about how mining and staking rewards are taxed, the bill provides a durable compromise that innovators can support while addressing concerns raised by some lawmakers," the group wrote. The bill seeks to address what the crypto industry has long said is an unfair tax code that views mining and staking rewards as taxable income when received, which the letter argued is a "taxation of phantom income" that can cause liquidity issues. The bill would allow miners and stakers the choice of paying taxes on crypto rewards either when they receive them or when they sell the assets, which the lobbyists wrote "ensures income is recognized while avoiding immediate taxation before taxpayers can monetize the asset."

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