US crypto industry urges Congress to pass original mining and staking tax bill

A coalition of U.S. crypto industry groups is urging Congress to pass a bill on mining and staking taxation in its original form, according to The Block. The proposed legislation clarifies that rewards from these activities should be taxed at the point of sale, not when they are created. The industry argues that the current practice of taxing rewards upon creation imposes excessive burdens and administrative uncertainty on taxpayers, asserting that it is more reasonable to tax assets when they are actually cashed out.