Crypto lobbying groups urge U.S. Congress to pass mining and staking tax bill without further amendments

CoinFeed June 23 news, according to Cointelegraph, three major crypto lobbying organizations—the Blockchain Association, the Crypto Council for Innovation, and the Digital Chamber—jointly sent a letter to the U.S. Congress, demanding the passage of the "Mining and Staking Tax Clarity Act" without further amendments. The bill allows miners and stakers to choose to pay taxes when receiving crypto rewards or when selling assets, aiming to address liquidity issues caused by "taxation on phantom income." Democratic Representative Steven Horsford proposed an amendment to limit the deferral of crypto reward taxes to five years, but the CEO of the Crypto Council for Innovation stated that the amendment would "undermine" the bill and generate only "negligible revenue." The American Bankers Association opposes the bill, claiming it gives cryptocurrencies a "significant advantage," while the crypto lobbying groups argue that renegotiating a consensus compromise would "resurrect the problems the bill aims to solve."