Senator Young pushes Bessent to rethink taxes on crypto staking rewards: report
U.S. Senator Todd Young of Indiana is calling on the Internal Revenue Service (IRS) to review Biden-era tax guidelines for cryptocurrency rewards.
- Sen. Todd Young urged Treasury Secretary Scott Bessent to reconsider the IRS’s 2023 tax treatment of staking rewards.
- The IRS recently proposed implementing the global CARF tax standard, aligning the U.S. with 72 other countries by 2028.
- The CARF framework, set for rollout in 2027, will require stricter reporting on capital gains from foreign cryptocurrency platforms.
Senator Todd Young is urging the IRS to reconsider its 2023 guidelines on the tax treatment of cryptocurrency rewards earned through staking, where digital assets are locked to support blockchain networks.
Currently, the IRS taxes owners on staking rewards when they are received, rather than when they are sold, which critics argue taxes unrealized gains.
Young, according to Bloomberg News, has asked Treasury Secretary Scott Bessent to review the ruling, citing concerns over taxpayer uncertainty and potential complications in revenue forecasting for legislation.
Young is a member of the Senate Finance Committee while Bessent serves as acting IRS commissioner.
The issue has sparked calls from digital asset advocates for a change in the tax approach.
IRS attempts to change crypto rules
Last week, the IRS issued a proposal to the White House that outlines the implementation of the Crypto-Asset Reporting Framework (CARF), a global tax standard designed to provide the IRS with access to data on foreign cryptocurrency accounts held by U.S. citizens.
The measure would align the U.S. tax system with 72 countries by 2028, requiring stricter reporting on capital gains from foreign platforms.
CARF, launched by the OECD in 2022, aims to facilitate international cryptocurrency information sharing to combat tax evasion.
The rollout of CARF is expected to begin in 2027, with 50 countries already prepared to adopt it, including major nations like Japan, Germany, and the U.K.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BCH Rises 7.38% in the Past 24 Hours as Short-Term Growth Surpasses Industry Average
- BCH surged 7.38% in 24 hours, outperforming its industry and S&P 500 by significant margins. - Zacks Momentum Style Score B and Buy rating reflect strong earnings revisions and rising analyst confidence. - Consistent trading volume and 63.46% YTD gains reinforce BCH's momentum-driven appeal to trend-following investors.
Asbury's Retro Strategy Increases Profits, Yet Shares Trail the S&P
- Asbury Automotive's nostalgia-driven strategy boosted Q3 2025 earnings, with $7.17 adjusted EPS surpassing estimates and $4.8B revenue up 13% YoY. - New vehicle sales ($2.53B, +17%) and finance/insurance profits ($187.1M, +9%) drove growth, though used vehicle sales lagged due to weak unit demand. - Despite strong fundamentals and value scores (A ratings), ABG stock underperformed the S&P 500 by 1.2%, reflecting mixed investor sentiment amid $3.6B debt concerns. - Analysts highlight Asbury's $28.03/share
Hyperliquid News Today: Community-Led Restaking Challenges Bear Market Expectations While HYPE Tokens Remain Resilient
- Hyperliquid unlocked $60.4M HYPE tokens on 2025/11/29 via its vesting schedule, with 40% restaked and 35% held post-unlock. - Core contributors demonstrated disciplined allocation, contrasting traditional VC-funded projects prone to token dumping. - Market impact was minimal (1.7% dip to $33.80), defying bearish forecasts and showing strong whale accumulation. - Analysts highlight buyback strength ($82M/month) and technical indicators suggesting potential $40+ breakout.
Ethereum News Today: Ethereum Faces a Pivotal Moment at $2,880—Will Institutions Keep Buying or Will Bears Take Over?
- Ethereum hovers near $3,000 amid conflicting technical signals and increased selling pressure from long-term holders offloading 973,600 ETH weekly. - Institutional confidence grows as BitMine accumulates 69,822 ETH ($200M) and ETFs add $96.67M, contrasting with bearish RSI divergence and $2,580 support risks. - Fed rate-cut odds above 80% for December fuel speculative buying, while $2,880 resistance remains pivotal for determining Ethereum's short-term direction. - Whale activity diverges: large whales a
Trending news
MoreCrypto prices
More
