Crypto's second U.S. lobbying front — tax policy — sees industry push on mining, staking
Key takeaways
- Senate.Top U.S. crypto lobbying groups united to ask that the U.S.
- The policy outlined by one of several crypto tax bills currently contemplated by the U.S.
- While the top focus of the industry remains the Digital Asset Market Clarity Act that would establish a full U.S.
House of Representatives bill that would allow recipients of mined crypto assets or staking rewards to defer their treatment as income, leading crypto groups are asking that the bill be advanced without changes.Republican Representative Mike Carey's bill would give miners the option of putting off the moment new assets are taxable, instead of assuming them as immediate income.Tax issues have drawn a lot of recent crypto industry attention even as the final points of the crypto market structure bill are still being debated in the U.S. Senate.Top U.S. crypto lobbying groups united to ask that the U.S. House of Representatives embrace a bill that gives digital assets miners and recipients of staking rewards an option for deciding when to take a tax hit on the new assets — either when they're first obtained or when the holders ultimately unload the cryptocurrency.
The policy outlined by one of several crypto tax bills currently contemplated by the U.S. House Ways and Means Committee, the Tax Clarity for Mining and Staking Act offered by Representative Mike Carey, should be advanced in Congress, according to an industry letter addressed to the Republican chairman and senior Democrat of the tax panel dated Sunday.
"The tax code should not force Americans who help secure decentralized networks to sell assets before they can reasonably monetize them simply to satisfy an immediate tax obligation," said Summer Mersinger, CEO of the Blockchain Association, in a statement alongside her counterparts at the Digital Chamber and the Crypto Council for Innovation, who joined to send the letter that advocated the legislation get advanced as-is.