US Crypto Industry Urges Congress to Pass Mining, Staking Tax Bill as Drafted
Summary
- A coalition of US cryptocurrency industry groups urged Congress to pass a tax bill on mining and staking in its original form.
- The bill would clarify that mining and staking rewards are taxed at the time of sale rather than creation.
- The industry groups said the current tax system is increasing the burden on digital-asset participants and that passage of the bill would help establish clearer tax standards.
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A coalition of US cryptocurrency industry groups urged Congress to pass a bill in its original form that would clarify the tax treatment of mining and staking.
The Block reported on June 22 that the bill would make clear that mining and staking rewards are taxed when they are sold, not when the assets are created.
The industry groups said taxing rewards when they are received imposes an excessive burden on taxpayers and creates administrative uncertainty. They argued it is more reasonable to tax the assets when they are actually converted into cash.
The groups also said the current tax framework is increasing the burden on digital-asset participants and that passage of the bill would establish clearer tax standards.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
