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Ferguson Introduces the Providing Tax Clarity for Digital Assets Act

U.S. Congressman Drew Ferguson (R-GA) and Congressman Wiley Nickel (D-NC) recently introduced H.R. 8149, the Providing Tax Clarity for Digital Assets Act, a bipartisan bill that would clarify within the tax code that digital asset rewards be collected at the point of sale and codifies staking rewards as created property. The bill also explicitly prevents any future situations of double taxation and provides long awaited clarity for the digital asset industry, ultimately encouraging more companies to stay in the United States and increasing the U.S. revenue base.

“The United States has long been the leader in innovation and technology yet is falling behind our foreign counterparts in providing tax clarity for the emerging digital asset industry” said Congressman Ferguson. “The United States’ treatment of digital asset rewards is overly complex – leading to confusion by investors, double taxation, and American businesses relocating overseas. The Providing Tax Clarity for Digital Assets Act would give the industry desperately wanted tax clarity, establish United States leadership in digital asset tax treatment, and encourages innovation and business in the United States.”

“I’m proud to introduce the Providing Tax Clarity for Digital Assets Act with Rep. Ferguson to provide clear guidance on the taxation of digital assets in the United States,” said Congressman Nickel. “This is a critical first step that will help spur innovation, ensure investor confidence, and discourage American businesses from relocating overseas.”


After years of digital asset companies operating without any federal guidance, the Internal Revenue Service's decision to finally issue a ruling to tax staking rewards at the point of acquisition versus point of sale requires companies and individuals to pay taxes before any gains have been realized. The lack of clarity on this and other emerging technologies in the U.S. tax code is disincentivizing innovators and businesses from keeping their companies and human capital in the United States.

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