US lawmakers introduce bill to clarify taxation of staking rewards | Headlines | News | CoinMarketCap
05/01/2024 22:13
Two bipartisan U.S. lawmakers have introduced a bill to clarify that staking rewards should only be taxed at the time of their sale, …
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Published on May 01, 2024 15:02 GMT+00:00edited on May 01, 2024 15:04 GMT+00:00
Two bipartisan U.S. lawmakers have introduced a bill to clarify that staking rewards should only be taxed at the time of their sale, aiming to prevent double taxation.
Reps. Wiley Nickel, D-N.C. and Drew Ferguson, R-Ga., introduced that bill on Tuesday called the Providing Tax Clarity for Digital Assets Act.
"The United States’ treatment of digital asset rewards is overly complex – leading to confusion by investors, double taxation, and American businesses relocating overseas," Rep. Ferguson said in a statement. "The Providing Tax Clarity for Digital Assets Act would give the industry desperately wanted tax clarity, establish United States leadership in digital asset tax treatment, and encourages innovation and business in the United States.”
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