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U.S. Representatives Drew Ferguson and Wiley Nickel have introduced the bipartisan Providing Tax Clarity for Digital Assets Act, identified as H.R. 8149, aimed at clarifying the taxation of digital assets. The bill proposes that digital asset rewards, including block rewards from mining and staking, be taxed at the point of sale rather than at the point of acquisition. This legislation specifically addresses the taxation of block rewards from both mining and staking, codifying staking rewards as 'created property.' The introduction of this bill is seen as a significant step towards fostering innovation, boosting investor confidence, and preventing businesses from relocating overseas due to ambiguous tax regulations.
Markets are down but I got something good for the US crypto gang! A bill on Monday was introduced to Congress that would make block mining rewards non taxable when issued, only taxed on sale. Miners and stakers, this bill is for you 🫵🏾 https://t.co/iR8bfPrNDK
US lawmakers introduce bill to clarify taxation of staking rewards https://t.co/J9g60Lz3oH
Grateful to @RepDrewFerguson and @RepWileyNickel for their leadership regarding digital asset taxation through this thoughtful bipartisan bill. Among other things, the Providing Tax Clarity for Digital Assets Act will provide needed clarity when it comes to staking, mining, and… https://t.co/zLvnjN06hj
1/ We commend @RepDrewFerguson and @RepWileyNickel for their commitment to addressing the complexities surrounding digital asset taxation with the introduction of the bipartisan Providing Tax Clarity for Digital Assets Act. https://t.co/xymWKrq0yd
Big day for #DigitalAsset tax clarity with the introduction of H.R. 8149, the 'Providing Tax Clarity for Digital Assets Act'! Thank you @RepDrewFerguson and @RepWileyNickel for your leadership! Block rewards should not be taxed at point of acquisition, but point of sale. https://t.co/PkxTOvPB98
Great leadership by @TeamPOSA on this effort! Thankful for @RepDrewFerguson and @RepWileyNickel for pushing forward common-sense legislation that affirms block rewards should be taxed at the time of sale, not at the time of block creation. https://t.co/tPTDu0eNFa
🚨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
I’m proud to introduce the Providing Tax Clarity for Digital Assets Act with @RepDrewFerguson to ensure clear guidance on the taxation of digital assets. This is a critical step that will spur innovation, strengthen investor confidence & discourage business from moving overseas. https://t.co/rDpvvEhIBI
There's a new crypto bill in Congress that would affect block rewards on both mining and staking.
🚨 Exciting News! After months of hard work, Reps @DrewFergusonGA and @WileyNickel have introduced the Providing Tax Clarity for Digital Assets Act [H.R. 8149]. #TaxReform Here’s why it matters 👇
Proud to introduce the bipartisan Providing Tax Clarity for Digital Assets Act with @RepWileyNickel to clarify within the tax code that digital asset rewards are to be collected at the point of sale, while codifying staking rewards as “created property.” https://t.co/Stoc4uvVay