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Blockchain Association asks Congress for a crypto tax bill, with de minimis and staking relief, as the Clarity Act stalls
Summary
The Blockchain Association sent a letter on Thursday urging congressional leaders to pass bipartisan digital asset tax legislation, The Block and Bitcoin Magazine reported, as broader crypto legislation stalls.
Bitcoin Magazine said the asks include a de minimis exemption for small transactions, cash treatment for stablecoins, taxing mining and staking rewards at sale rather than receipt, and narrower broker reporting.
The letter did not endorse either pending bill: the House Ways and Means Committee's Digital Asset Tax Certainty Act, which taxes validation rewards on receipt, or Sen. Steve Daines' ADAPT Act, Bitcoin Magazine reported.
Bitcoin Magazine noted Congress is in recess until after the Nov. 3 midterms, leaving a short lame-duck session for any action.
Key facts
- The letter was signed by Chief Policy Officer Lindsay Fraser and addressed to Senate leaders John Thune and Chuck Schumer and House leaders Mike Johnson and Hakeem Jeffries, Bitcoin Magazine reported.
- The letter says the rules covering the 67 million Americans who hold digital assets "were written for a different era," per Bitcoin Magazine.
- The group also launched a site, TaxClarityforAmerica.com, for constituents to contact their representatives, Bitcoin Magazine said.
- Other asks listed by Bitcoin Magazine: a safe harbor for foreign traders on U.S. exchanges, a mark-to-market election, R&D credit eligibility for blockchain development, and wash sale rules that don't catch everyday transactions.
- Bitcoin Magazine said it is the group's first broad push on taxes since the Clarity Act failed in the Senate last month.
- The Block described the push as coming while progress on a broader crypto bill stalls.