Crypto lobby urges Congress pass staking and mining tax bill as is
Crypto lobbying groups want Congress to pass the Tax Clarity for Mining and Staking Act unchanged, saying it would finally clarify how staking and mining rewards are taxed and help Americans secure blockchains in the U.S. The bill would let miners and stakers pay tax either when rewards are received or when they are sold, avoiding immediate tax on assets that may not yet be liquid. The industry says this fixes “phantom income” problems and has already involved major compromise. A House Democrat has proposed a five-year limit on tax deferral, which crypto leaders say would undermine the bill. Banks oppose it, arguing it would give crypto unfair tax advantages over other investments. The bill is part of broader crypto tax efforts, including a separate proposal to study exemptions for small transactions.
