CMC News

Crypto Tax Plan Pitched to Congress by Blockchain Association

The Blockchain Association presented its digital asset tax policy positions to Congress on Tuesday, meeting with House lawmakers currently drafting a crypto tax bill. The lobby group published its formal principles, calling for a de minimis exemption on low-dollar crypto #transactions and urging that stablecoins be treated as cash for ordinary purchases.

The group argued that requiring individuals to report negligible gains from routine crypto activity imposes costs that outweigh any meaningful #tax revenue. Under the proposal, small transactions would be exempt from reporting requirements, removing what the association describes as a disproportionate compliance burden on everyday users.

On the question of mining and staking rewards, the Blockchain Association said these should be classified as self-created property and taxed only when sold or disposed of, not when first received. The group also said it supports extending wash-sale rules to digital assets, which would limit investors from claiming losses if they repurchase the same asset within a set window.