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3w ago

Blockchain Association Presses House Tax Writers to Modernize U.S. Crypto Tax Rules

The trade group is engaging Congress after releasing Digital Asset Tax Principles to better match tax timing and reporting with how onchain activity actually works.

Why crypto groups want to rewrite IRS tax rules — and what would actually change

Overview

  • The association met with House Ways and Means Committee offices as it rolled out its Digital Asset Tax Principles this week.
  • It proposes taxing staking and mining rewards only when sold as self‑created property rather than at receipt.
  • The plan calls for a de minimis exemption for small transactions and for treating stablecoins as cash to reduce routine reporting burdens.
  • It urges privacy‑protective reporting rules and broker clarity that excludes developers and non‑custodial platforms, while also extending wash sale rules and adding a safe harbor for foreign persons trading on U.S. exchanges.
  • Current IRS policy treats crypto as property and is tightening enforcement and reporting, and any overhaul would require legislation or formal regulatory action, with prior efforts like Senator Lummis’s bill drawing opposition from Senator Warren.