US Crypto Groups Urge Congress to Pass Mining, Staking Tax Bill in Original Form

A coalition of US cryptocurrency industry groups has urged Congress to pass a bill on mining and staking taxes in its original form.

The Block reported on June 22 that the Blockchain Association, the Crypto Council for Innovation and the Digital Chamber recently sent a joint letter to House Ways and Means Committee Chairman Jason Smith and ranking member Richard Neal. The groups asked lawmakers to pass the original version of the bill to clarify taxation of mining and staking.

The measure would make clear that mining and staking rewards are taxed when they are sold, rather than when the assets are created.

The industry groups argued that taxing rewards when they are received places an excessive burden on taxpayers and creates administrative uncertainty. Taxing the assets when they are actually converted into cash is a more reasonable approach, they wrote.

The groups also said the current tax framework is increasing the burden on digital-asset participants and that the bill would help establish clearer tax standards.