The three largest US crypto trading organizations sent a joint letter to the House Ways and Means Committee on June 21, calling for passage. HR 9175, Tax Clarity for Mining and Staking Act, introduced by Representative Mike Carey (R-OH).
The Blockchain Association, the Crypto Council for Innovation (CCI), and the Digital Chamber he explained The bill as a “sustainable disagreement” is forcing lawmakers to pass it without changes.
The dispute between the IRS and the crypto industry over mining taxes and taxes has been going on for over a decade.
In 2014, the IRS printed Notice 2014-21, which declared that miners must report the value of each Bitcoin mined as a total amount at the time of creation – not at the time of sale. The law treats mining revenue as payment: taxable upon receipt, whether or not the miner converts it into cash.
Things took a turn for the worse in 2023, when the IRS published Revenue Ruling 2023-14, extending the same reasoning to certified truers. Under that decision, great prizes and taxable income at the time the licensee earns it, which creates a financial problem: the licensee is taxed on things he has no intention of selling.
This puts US miners and their workers in a difficult position. Proof-of-work and proof-of-concept networks have secured over $1.7 trillion in digital assets. Trade groups say that forcing participants to recognize income from illegal payments reduces the domestic verification process and gives an advantage to foreign competitors who operate under tax compliance.
What HR 9175 will do to crypto mining
HR 9175 does not eliminate the tax on mining or staking rewards. Instead, it gives taxpayers a choice.
Under the bill, miners and sellers can choose to treat new digital assets as self-produced goods, deferring tax recognition until the time of sale. The bill also allows trustees of digital assets to receive large rewards without losing their trust — a technical improvement required for participants who manage funds through trust groups.
Ways and Means Committee it happened hearing of the full committee on income tax on June 9, the first of its kind in years. Six digital tax bills were on the table. HR 9175 was one of them.
The June 21 letter was signed by Blockchain Association CEO Summer Mersinger, CCI CEO Ji Hun Kim, and Digital Chamber CEO Cody Carbone.
Their united front represents a concerted push by the industry at a time of intense legal pressure. Senator Cynthia Lummis has run similar operations in the Senateintroducing legislation that would delay the mining and staking tax until it is sold – language that matches HR 9175.
A watch is another thing. Congress is facing a narrow legal window before the August recess, and Mr. Lummis — one of the Senate’s most vocal proponents of economic reform — will leave in January 2027. crypto tax reform effort has received support from all crypto companies, groups are pushing Congress to use the digital economy with the same agreement that is used for other groups.
For miners and crypto miners who have been operating under a cloud of tax uncertainty since the early days of Bitcoin, HR 9175 represents the most effective legislative vehicle in years.
