Crypto Lobby Pushes Tax Deferral for Miners and Stakers

Critics counter that the deferral could become indefinite. The Revolving Door Project argued that mining firms, including American Bitcoin – in which President Donald Trump's sons hold a stake – could borrow against their holdings or use them as collateral while deferring taxes indefinitely. The industry letter rejected that argument, saying the bill "does not provide unlimited deferral or full parity with all forms of self-created property; instead, it ensures income is recognized while avoiding immediate taxation before taxpayers can monetize the asset."

The bill is one of several crypto tax measures before the committee. The top industry priority remains the Digital Asset Market Clarity Act, which would establish a full regulatory regime. That bill is still being negotiated in the Senate, with insiders hoping for a floor vote by mid-July. Several contentious provisions remain unresolved. The current congressional session has only months left, and the Senate's crypto bandwidth is consumed by the Clarity Act.

Even as the industry pushes for tax relief, exchange activity tells a different story. Combined volumes across centralized exchanges fell 3.45% in May to $4.41 trillion, the lowest since September 2024. Real-world asset perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. The divergence suggests capital is rotating into tokenized real-world assets even as broader crypto spot volumes slow.

The Ways and Means Committee has not yet scheduled a markup on the Carey bill. No date has been set for a floor vote.