The Blockchain Association urged Congress to exempt low-dollar crypto transactions and tax mining and staking rewards upon sale.
A US crypto lobby group has shared with Congress its tax proposals for crypto and has met with House lawmakers working on a crypto tax bill to shape one of the industry’s top policy priorities.
The Blockchain Association released its crypto tax policy positions on Tuesday, which called for stablecoins to be treated as cash for ordinary purchases and for a de minimis tax exemption on “low-dollar” crypto transactions.
It argued that tax reporting for “negligible gains or losses from routine transactions imposes disproportionate costs on individuals and overwhelms tax administration without meaningful revenue upside.”
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