While the top focus of the industry remains the Digital Asset Market Clarity Act that would establish a full U.S. regulatory regime for crypto activity, its second priority has been on crypto taxation, which was the central thrust of a June 9 committee hearing discussing several bills, including the legislation from Carey, an Ohio Republican.

Democrats on the committee revealed some concerns about how this bill would be utilized by the industry in practice, and outside critics such as the Revolving Door Project argued that crypto mining firms — including American Bitcoin, in which President Donald Trump’s sons Eric and Donald Jr. have a significant stake — could defer taxes indefinitely while still getting a financial benefit from…