The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted suggestions for lawmakers to consider in potential legislation on the tax treatment of digital assets.
In a Sept. 8 letter to U.S. Sens. Ron Wyden and Mike Crapo, the Blockchain Association said lawmakers should support the Keep Innovation in America Act, a bill aimed at changing the reporting requirements for certain taxpayers involved in crypto transactions. According to the advocacy group, any legislation introduced in Congress should “create symmetry” between the taxation of crypto and non-crypto assets, as well as clarify requirements for information on income earned from staking and mining crypto.
Some of the recommendations were similar to those proposed by crypto advocacy group Coin Center in August, including establishing a de minimis threshold aimed at excluding gains or losses of certain crypto transactions from tax reporting requirements. The Blockchain Association submitted the letter on the last possible day the U.S. Senate Financial Services Committee said it would be accepting responses following a July request.
“[T]he Committee should focus on developing intentional, measured legislation concerning specific issues of taxation as they relate to digital assets,” said the Sept. 8 letter. “[T]he Association urges the Committee to take care not to enact legisla
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Author: Turner Wright
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