Representatives Drew Ferguson and Wiley Nickel introduced a bill aimed at clarifying tax law to ensure fairness for cryptocurrency stakers and miners. The proposed legislation, supported by advocacy groups like TeamPOSA and Coin Center, seeks to treat digital asset rewards as 'created property', which would not be taxed until sold. This approach reflects the economic reality where rewards are generated by maintaining open-source software, aligning with the long-standing advocacy for fair tax treatment in the cryptocurrency sector.
When I first got into Bitcoin in 2016, people would constantly say that it was an amazing market because there were no taxes. That sounded suspect to me, cuz USA. https://t.co/HwsYCQzL64
Glad to see legislation that treats digital asset rewards as “created property” and doesn’t tax them until they’re sold. This better reflects the economic reality of the situation because rewards are attained by running and maintaining open-source software, where there is no… https://t.co/rusXtFfUVH https://t.co/BmmlIHFWde
Sensible taxation of cryptocurrency. https://t.co/4UjCVuio8A
🚨Congratulations to Reps @RepDrewFerguson and @WileyNickel for championing a critical & common-sense clarification of existing tax law to ensure tax fairness for millions of stakers (and miners!). Today they introduced a bill that would affirm what @TeamPOSA has known for years… https://t.co/C1LsTI82af
Happy to see something for which Coin Center has long advocated coming to fruition. We need fair tax treatment for miners and stakers now. https://t.co/zXwv3C7b3h