Indiana Republican Senator Todd Young wrote to Treasury Secretary and Acting IRS Commissioner Scott Bessant on November 19, urging the IRS to reassess the 2023 tax guidance on cryptocurrency staking rewards. As a member of the Senate Finance Committee, Senator Young questioned the rationale behind the current rule that treats staking rewards as taxable income upon receipt, rather than upon sale. He pointed out that this policy may not accurately reflect the economic nature of staking mechanisms and urgently needs further review and adjustment. (Bloomberg)