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Crypto tax shake-up! Three major industry orgs team up to push H.R. 9175 📜
Big news just dropped in the US crypto scene 🇺🇸: The Blockchain Association, Crypto Council for Innovation, and Digital Chamber have joined forces to send a letter to the House Ways and Means Committee, demanding that H.R. 9175, the "Mining and Staking Tax Clarity Act," be passed as is.
To put it simply, if you're mining or staking coins, the IRS wants you to "report your taxes the same day" — even if you can't sell them 😅. H.R. 9175 aims to change that to: report taxes when you actually sell, treating it like traditional self-created property.
However, there's a small hiccup: a congressman proposed adding a clause for "mandatory confirmation every five years," but the JCT assessed that this would yield almost no tax revenue and would just blow up compliance costs 💥. Industry leaders are calling out: Don't change it, just pass it as is.
Currently, the bill is still in the House Ways and Means Committee and hasn’t been voted on yet. But if this direction becomes a reality, it would be a massive win for all PoS stakers and miners.
#CryptoTax #HR9175 #Staking #Bitcoin #Ethereum
Big news just dropped in the US crypto scene 🇺🇸: The Blockchain Association, Crypto Council for Innovation, and Digital Chamber have joined forces to send a letter to the House Ways and Means Committee, demanding that H.R. 9175, the "Mining and Staking Tax Clarity Act," be passed as is.
To put it simply, if you're mining or staking coins, the IRS wants you to "report your taxes the same day" — even if you can't sell them 😅. H.R. 9175 aims to change that to: report taxes when you actually sell, treating it like traditional self-created property.
However, there's a small hiccup: a congressman proposed adding a clause for "mandatory confirmation every five years," but the JCT assessed that this would yield almost no tax revenue and would just blow up compliance costs 💥. Industry leaders are calling out: Don't change it, just pass it as is.
Currently, the bill is still in the House Ways and Means Committee and hasn’t been voted on yet. But if this direction becomes a reality, it would be a massive win for all PoS stakers and miners.
#CryptoTax #HR9175 #Staking #Bitcoin #Ethereum
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