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Crypto

U.S. crypto industry seeks tax exemption for mining, staking rewards; passage unclear this year

The U.S. cryptocurrency industry is urging Congress to swiftly pass a tax bill that would exclude mining and staking rewards from taxable income. Three industry groups pressed House leaders to keep the current compromise text, warning that revisions could weaken momentum. Democrats have raised concerns the measure could favor crypto over traditional assets and affect capital allocation. With election timing and uncertain bipartisan support, prospects for passage remain unclear.

Crypto

U.S. community banks launch campaign against Clarity bill over stablecoin rewards

The U.S. community banking industry has launched a public campaign against the Clarity bill, a crypto market-structure measure under discussion in the Senate. The Independent Community Bankers of America said allowing yields or rewards on stablecoin holdings could trigger $1.3 trillion in deposit outflows and cut loans by $850 billion. The Senate Banking Committee advanced the bill on May 15. Crypto industry groups rejected ICBA’s claims, while passage remains uncertain.

Crypto

Pressure builds for Clarity Act Senate vote, but prediction markets see August deadline unlikely

The cryptocurrency industry has stepped up public pressure on the U.S. Senate to move the Clarity Act to a floor vote. More than 200 companies and groups urged Senate leaders to act without delay, arguing that a lack of federal rules pushes activity overseas. Opponents have also mobilised, citing weaknesses in anti-money laundering provisions, ethics rules and stablecoin-related gaps. Prediction markets and some institutional forecasts have lowered estimates for passage before August.