The three largest cryptocurrency trading associations in the United States sent a joint letter to the House Ways and Means Committee on June 21, calling for passage of… Human Resources 9175, The Mining and Stacking Tax Clarity Act, introduced by Rep. Mike Carey (R-Ohio).
Blockchain Association, Crypto Council for Innovation (CCI), and Digital Chamber described He described the bill as a “lasting compromise” and pressured lawmakers to pass it without changes.
The dispute between the IRS and the cryptocurrency industry over mining and mortgage taxes goes back more than a decade.
In 2014, the IRS Issued Notice 2014-21, which declared that miners must report the fair market value of any bitcoin mined as gross income at the time of creation — not at the point of sale. The rule treats mined coins like wages: they are taxed upon receipt, whether the miner converts them to cash or not.
The situation worsened for stakeholders in 2023, when the IRS published Revenue Ruling 2023-14, extending the same reasoning to Proof of Stake auditors. According to that ruling, Betting bonuses It is taxable income the moment the auditor earns it, which creates a cash flow problem: auditors owe tax on assets they may have no intention of selling.
This dynamic puts US miners and stakeholders in a difficult position. Proof-of-work and proof-of-stake networks secure more than $1.7 trillion in digital assets. Trade groups argue that forcing participants to recognize income on illiquid rewards discourages domestic verification activity and disadvantages foreign competitors who operate under more favorable tax treatment.
What HR 9175 will do for cryptocurrency mining
HR 9175 does not eliminate taxes on mining or staking rewards. Instead, it gives taxpayers a choice.
Under the bill, miners and stakeholders can choose to treat new digital assets as self-created property, deferring tax recognition until the point of sale. The bill also allows donor trusts that hold digital assets to receive staking rewards without losing their trust status – an important technical fix for institutional participants who manage funds through trust structures.
Ways and Means Committee detained A full committee hearing on taxation of digital assets will take place on June 9, the first of its kind in years. Six digital asset tax bills were on the table. Among them was HR 9175.
The June 21 letter was signed by Blockchain Association CEO Summer Mersinger, CCI CEO Ji Hoon Kim, and Digital Chamber CEO Cody Carbone.
Their united front represents a coordinated industry push at a moment of rare legislative momentum. Senator Cynthia Lummis He made parallel efforts in the Senateand introducing legislation that would defer taxes on mining and storage until the point of sale — language consistent with the spirit of H.R. 9175.
The clock is a factor. Congress faces a Narrow legislative window Before the August recess, Lummis – one of the Senate’s most vocal advocates for digital asset reform – will leave in January 2027. Cryptocurrency tax reform efforts It has gained support from across the cryptocurrency industry, with groups pressing Congress to treat digital assets with the same consistency applied to other asset classes.
For cryptocurrency miners and stakeholders who have operated under a cloud of tax uncertainty since Bitcoin’s early days, H.R. 9175 represents the most realistic legislative tool for relief in years.
