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Bessent urged to rethink taxes on crypto staking rewards – TON BOT

Bessent urged to rethink taxes on crypto staking rewards

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Senator Todd Young is calling on the IRS to reconsider its 2023 tax guidelines for cryptocurrency rewards earned through staking. He has urged Treasury Secretary Scott Bessent to review the ruling, expressing concerns over taxpayer uncertainty and potential issues with revenue forecasting. The IRS recently proposed implementing the global Crypto-Asset Reporting Framework (CARF) tax standard, aligning the U.S. with 72 other countries by 2028. This framework will require stricter reporting on capital gains from foreign cryptocurrency platforms and is set to rollout in 2027 to combat tax evasion.

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