Crypto Groups Urge Congress to Pass Tax Clarity for Mining and Staking Act This Week

Three major crypto industry groups—the Blockchain Association, Crypto Council for Innovation, and Digital Chamber—pressed Congress this week to quickly pass the Tax Clarity for Mining and Staking Act. In a letter sent to House Ways and Means Committee leaders, the groups urged lawmakers not to alter the bill's current draft, which would exempt assets generated through crypto mining and staking from holders' reportable income. Currently, newly mined crypto and staking rewards are treated as taxable income for U.S. taxpayers. The legislation faced scrutiny from House Democrats at a committee hearing earlier this month, who argued it could make crypto more attractive than traditional investments.
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