New Crypto Tax Front: Tax on Mining Staking Rewards Before Receipt?
The big three crypto lobbying groups in the U.S. are pushing hard—demanding Congress pass the "Mining and Staking Tax Clarity Act" as is. Simply put, if you're mining or staking and earn tokens, you'll be taxed the moment you receive them; if the bill passes, you can choose to sell before being taxed. The industry argues this avoids "phantom income," while the banking sector fires back: isn't this just granting crypto special privileges? 💰⚖️ The bill is still in committee, and some Democrats want to add a five-year cap, which has industry folks fuming about breaking compromises. There's not much time left in this Congress, so whether it passes is anyone's guess. However, this marks a shift in the crypto policy battle from "should we regulate?" to "how do we tax?" BTC is currently wobbling around $62K, with short-term volatility not affecting the long-term trend. #Bitcoin #CryptoTax #Mining #Staking
#Bitcoin
The big three crypto lobbying groups in the U.S. are pushing hard—demanding Congress pass the "Mining and Staking Tax Clarity Act" as is. Simply put, if you're mining or staking and earn tokens, you'll be taxed the moment you receive them; if the bill passes, you can choose to sell before being taxed. The industry argues this avoids "phantom income," while the banking sector fires back: isn't this just granting crypto special privileges? 💰⚖️ The bill is still in committee, and some Democrats want to add a five-year cap, which has industry folks fuming about breaking compromises. There's not much time left in this Congress, so whether it passes is anyone's guess. However, this marks a shift in the crypto policy battle from "should we regulate?" to "how do we tax?" BTC is currently wobbling around $62K, with short-term volatility not affecting the long-term trend. #Bitcoin #CryptoTax #Mining #Staking
#Bitcoin