US Crypto Groups Urge Congress to Pass Mining and Staking Tax Bill Without Amendments
The Blockchain Association, Crypto Council for Innovation, and The Digital Chamber have called on the US Congress to pass the Tax Clarity for Mining and Staking Act unchanged, opposing a proposed five-year deferral limit.
Three major crypto advocacy groups—the Blockchain Association, Crypto Council for Innovation, and The Digital Chamber—have urged the US Congress to pass the Tax Clarity for Mining and Staking Act without any amendments.
The groups oppose a proposed amendment by Representative Steven Horsford that would limit the tax deferral period to five years. They argue that such a change would break the compromise embedded in the bill and provide only a marginal budget impact.
The bill allows miners and stakers to pay tax on rewards either at the time of receipt or defer payment until the asset is sold.
Source: ForkLog