Crypto groups push House to advance mining and staking tax bill
In brief
- Blockchain Association, Digital Chamber, and Crypto Council for Innovation sent letter supporting Tax Clarity for Mining and Staking Act
- Bill allows miners and staking reward recipients to choose when recognizing taxable income on newly earned assets
- Crypto taxation ranks as industry's second lobbying priority behind broader Digital Asset Market Clarity Act
- Democrats raised concerns about bill's practical application; critics worry about indefinite tax deferral
- House bills remain early in process; Senate focuses on broader Clarity Act expected to reach floor by mid-July
Industry unites on tax deferral
Top U.S. crypto lobbying groups united to request that the House embrace the Tax Clarity for Mining and Staking Act, legislation offered by Representative Mike Carey. The Blockchain Association, Digital Chamber, and Crypto Council for Innovation sent the letter on Sunday, addressing both the Republican chairman and senior Democrat of the tax panel.
Summer Mersinger, CEO of the Blockchain Association, framed the issue in terms of fairness. "The tax code should not force Americans who help secure decentralized networks to sell assets before they can reasonably monetize them simply to satisfy an immediate tax obligation," she said in a statement.
The bill itself is narrowly focused. It gives miners and staking reward recipients optionality on timing — allowing them to defer recognizing income until they can actually convert those assets to cash, rather than forcing an immediate tax hit on newly earned tokens.
Democratic pushback and outside criticism
A June 9 committee hearing discussed the bill alongside several others. Democrats on the committee raised concerns about how the legislation would be utilized in practice. Outside critics, including the Revolving Door Project, argued that crypto mining firms — including American Bitcoin, in which President Donald Trump's sons Eric and Donald Jr. have a significant stake — could defer taxes indefinitely while still capturing financial benefits from their holdings.
The industry letter countered that the bill "does not provide unlimited deferral or full parity with all forms of self-created property; instead, it ensures income is recognized while avoiding immediate taxation before taxpayers can monetize the asset."
Timing and broader landscape
The latest House bills on crypto tax policy remain at a fairly early stage of the process. The current congressional session is facing its final months, making viability uncertain. Meanwhile, the Senate's crypto bandwidth is currently taken up with the broader Clarity Act, which remains in heavy negotiations. Crypto insiders are pinning their hopes on that legislation arriving to the Senate floor by mid-July.
Crypto taxation ranks as the industry's second priority. The top focus remains the Digital Asset Market Clarity Act, which would establish a full U.S. regulatory regime for crypto activity.
