Crypto Lobbying Groups Urge Congress to Pass Mining and Staking Tax Clarity Act Without Further Changes

According to Cointelegraph, on June 23, three major crypto lobbying organizations—the Blockchain Association, Crypto Innovation Council, and Digital Commerce Chamber—called on U.S. Congress to pass the Mining and Staking Tax Clarity Act without modifications. The bill allows miners and stakers to choose to be taxed upon receiving crypto rewards or upon selling assets, addressing liquidity issues from "phantom income taxation." Democratic Representative Steven Horsford proposed an amendment capping the tax deferral period at five years, which the Crypto Innovation Council's CEO said would "undermine" the bill and generate only "negligible revenue."
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