Crypto Groups Press Congress to Pass Staking Tax Bill Unchanged

Crypto industry groups are urging U.S. lawmakers to pass a pending tax bill on staking and mining without any changes. The Tax Clarity for Mining and Staking Act would defer taxation on rewards until sale, allowing taxpayers to choose when to pay taxes.

The Blockchain Association, Crypto Council for Innovation, and The Digital Chamber have sent a letter to House Ways and Means Committee Chair Jason Smith and senior Democrat Richard Neal, urging them to pass the bill as is. They argue that reopening the current compromise could revive problems the bill aims to solve and delay a bipartisan outcome.

The American Bankers Association has criticized the bill, saying it favors cryptocurrencies over other assets and could divert deposits from traditional banks.