Crypto Industry Unites Behind Bill to Fix Tax Rules for Miners and Stakers

The US crypto industry is calling on lawmakers to pass a bill that would provide tax clarity for miners and stakers. The Blockchain Association, Crypto Council for Innovation (CCI), and Digital Chamber sent a joint letter to the House Ways and Means Committee in support of H.R. 9175, the Tax Clarity for Mining and Staking Act.

The bill was introduced by Representative Mike Carey (R-OH) and would allow miners and stakers to elect to treat new digital assets as self-created property, deferring tax recognition until the point of sale.

This is a compromise that addresses a decade-long dispute between the IRS and the crypto industry over mining and staking taxes. The situation worsened in 2023 with the publication of Revenue Ruling 2023-14, which treats staking rewards as taxable income at the moment they're earned.