Crypto Lobbyists Push Congress for Unchanged Mining Tax Bill

Three major cryptocurrency lobbying groups have urged the U.S. Congress to pass the 'Mining and Staking Tax Clarity Act' without further amendments, according to a joint letter sent by the Blockchain Association, the Crypto Innovation Council, and the Digital Chamber of Commerce.

The bill aims to address liquidity challenges caused by the 'fake income tax' issue by allowing miners and stakers to choose whether to pay taxes when they receive crypto rewards or when they sell their assets.

Democratic Representative Steven Horsford proposed an amendment to limit the deferral of crypto-related tax liabilities to five years, but the CEO of the Crypto Innovation Council stated that this would 'undermine' the bill and generate only 'negligible revenue.'

The American Bankers Association opposed the bill, arguing that it grants cryptocurrencies a 'significant advantage,' while crypto lobbyists contend that renegotiating a compromise already reached would 'revive the very issues the bill seeks to address.'