If incorporated into U.S. tax law, the bill would require block rewards from proof-of-work and proof-of-stake networks to be taxed when sold rather than when they were acquired.
Two United States lawmakers have introduced a bill to clarify how Bitcoin (BTC) and crypto miners are taxed over block rewards.
In an April 30 announcement, Representatives Drew Ferguson and Wiley Nickel said they had introduced the Providing Tax Clarity for Digital Assets Act to the U.S. House of Representatives. The proposed legislation would specify that staking rewards would be considered created property under U.S. tax code, and taxes on block rewards would be collected at acquisition.
“The United States has long been the leader in innovation and technology yet is falling behind our foreign counterparts in providing tax clarity for the emerging digital asset industry,” said Representative Ferguson. “The United States’ treatment of digital asset rewards is overly complex – leading to confusion by investors, double taxation, and American businesses relocating overseas.”
