US House Committee Reviews Exclusion of Mining and Staking Tax Provisions in Crypto Bill

Punchbowl News reported on June 13 that there is potential for the tax provision covering mining and staking rewards to be excluded from the US House cryptocurrency tax bill. PANews cited CoinTelegraph, stating the tax bill under review by the House Ways and Means Committee spans 114 pages. Punchbowl News further reported, citing multiple sources, that Republican members of the committee are reviewing a proposal to exclude mining and staking reward taxation from the package. However, no final decision has been made.

The June public document released by the House Ways and Means Committee included a 'Clarification Act on Mining and Staking Taxes,' which proposes taxing newly issued digital assets as ordinary income but allows taxpayers to choose an alternative method.