White House · Republicans · CoinDesk
Crypto's second U.S. lobbying front, tax policy, sees industry push on mining, staking
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Top U.S. crypto lobbying groups united to ask that the U.S. House of Representatives embrace a bill that gives digital assets miners and recipients of staking rewards an option for deciding when to take a tax hit on the new assets, either when they're first obtained or when the holders ultimately unload the cryptocurrency.
Key facts
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- The Senate's crypto bandwidth is taken up at the moment with the Clarity Act, which is still in heavy negotiations even as the final days tick down toward a make-or-break moment
- Crypto tax policy has been approached by several legislative efforts over the years
Summary
Though there's been some criticism of a U.S. House of Representatives bill that would allow recipients of mined crypto assets or staking rewards to defer their treatment as income, leading crypto groups are asking that the bill be advanced without changes. Republican Representative Mike Carey's bill would give miners the option of putting off the moment new assets are taxable, instead of assuming them as immediate income. Tax issues have drawn a lot of recent crypto industry attention even as the final points of the crypto market structure bill are still being debated in the U.S. Senate. Top U.S. crypto lobbying groups united to ask that the U.S.