Finally, someone is speaking up for miners and stakers; the concept of unrealized income should have been changed long ago.

CryptoWorld reports: The three major crypto trade groups have sent a letter to Congress, urging that the “Mining and Staking Tax Clarification Act” (H.R.9175) be passed as-is. They oppose imposing a five-year cap on staking and mining rewards, saying it would provide clear tax treatment for miners and stakers. In the letter, they point out that under current IRS guidance, receiving rewards constitutes taxable “illusory income,” while the bill would allow taxpayers to choose to recognize tax when they receive the rewards or when they sell them. The bill has not yet been passed by the House Ways and Means Committee, and was previously proposed as part of a broader crypto tax reform framework.