U.S. Senators Urge IRS to Review Tax Policy on Cryptocurrency Pledging Rewards
2025-11-19 00:46:19
Senator Todd Young, Republican of Indiana, has sent a letter to Secretary of the Treasury Scott Bescent urging the Internal Revenue Service (IRS) to revisit and consider its 2023 guidance on the tax treatment of cryptocurrency staking rewards. As a member of the Senate Finance Committee, Senator Young questioned the reasonableness of current rules requiring cryptocurrency holders to pay taxes when they "receive" staking rewards, rather than when they "sell" them. Staking refers to the process by which cryptocurrency holders lock up their assets to support the operation of a blockchain network and verify transactions. Bescent, who currently also serves as acting commissioner of the IRS, has direct review authority over this policy.
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