NewsHK
Three cryptocurrency industry lobby groups are calling on the United States Congress to advance a bill that would defer tax on staking and mining rewards until those rewards are sold, urging lawmakers to pass the legislation without further amendments.
The push marks a coordinated effort by the industry to lock in favorable treatment before any revision risks diluting the core provision.
What the Bill Would Do Under the measure as written, validators who earn staking rewards and miners who receive block rewards would not face a tax liability at the point of receipt.
The taxable event would instead be triggered only when those assets are disposed of — a structure the industry has long sought to avoid the cash-flow problem of owing tax on tokens that may have no ready market at the moment they are created.
Keep reading