Bipartisan Proposal Would Not Tax Staking Rewards Until Time of Sale
By EsqSocial Corporation 07/05/24
On Tuesday, April 30, 2024, U.S. Congressmen Drew Ferguson (R-GA) and Wiley Nickel (D-NC) introduced a bill, the Providing Tax Clarity for Digital Assets Act, to codify the U.S. federal income tax treatment of the acquisition by a taxpayer of a reward of a digital asset pursuant to a consensus mechanism (i.e., a staking reward). The proposal provides that digital asset staking rewards would be taxable upon disposition, rather than at the time of acquisition....
By: Foley & Lardner LLP