US senators urge the IRS to review its cryptocurrency staking rewards tax policy.

Odaily Planet Daily reports that Indiana Republican Senator Todd Young sent a letter on November 19 to Treasury Secretary and Acting IRS Commissioner Scott Bessant, urging the IRS to reassess the 2023 tax guidance on cryptocurrency staking rewards.

As a member of the Senate Finance Committee, Senator Yang questioned the rationale behind the current rule that treats pledged rewards as taxable income upon receipt, rather than upon sale. He pointed out that this policy may not accurately reflect the economic nature of the pledging mechanism and urgently needs further review and adjustment. (Bloomberg)