Blockchain Association urges US Congress to clarify crypto tax rules

The Blockchain Association, representing over 100 companies, has sent a letter to top leaders in the US Senate and House of Representatives requesting clearer tax regulations for digital assets. The group argues that current rules are outdated for the 67 million Americans holding digital assets and create practical difficulties for compliance.

Key proposals from the association include a de minimis exemption for small transactions (such as network fees under $10), treating stablecoins similarly to cash, and taxing mining and staking rewards upon sale rather than at the time of receipt. They also seek to limit broker reporting requirements to firms that actually hold customer assets and requested that wash sale rules be adjusted to allow for loss harvesting without penalizing everyday transactions.

The push comes as legislative progress on the Clarity Act has stalled. While the House Ways and Means Committee previously approved the Digital Asset Tax Certainty Act, which includes some exemptions for small fees, it did not include all industry-requested provisions, such as tax deferral for miners and stakers.