Overview
- Representative Mike Carey introduced H.R. 9175, the Tax Clarity for Mining and Staking Act, to change when mined and staked tokens are taxed.
- The three largest U.S. crypto trade associations sent a joint letter that landed on June 21 urging the House Ways and Means Committee to advance the bill without changes.
- Under the bill, miners and stakers could elect to treat newly created tokens as self‑created property and defer income recognition until the assets are sold.
- Opponents including banks, tax experts and advocacy groups say the deferral could favor crypto over traditional investments, invite abuse and raise enforcement and revenue concerns while Rep. Steven Horsford has proposed a five‑year cap on deferral.
- The bill remains in the Ways and Means Committee and its fate affects a parallel Senate effort on the broader CLARITY Act that White House adviser Patrick Witt is negotiating under tight pre‑recess deadlines.