Overview
- The Blockchain Association sent a letter to House and Senate leaders Thursday and launched TaxClarityforAmerica.com to rally constituents behind ten digital-asset tax principles.
- Its priorities include a meaningful de minimis exemption to spare small payments from taxable events, treating qualifying stablecoins like cash for tax purposes, taxing mining and staking rewards when sold rather than at receipt, and limiting broker reporting to firms that custody customer assets.
- Current legislation is fragmented: the House Ways and Means Committee advanced H.R.10357 with a $10 network-fee threshold but it taxes validation rewards on receipt, the Senate ADAPT Act sits in committee and the earlier Clarity Act failed a Senate cloture vote, leaving no single bill that matches the industry’s asks.
- Congress is in recess for the November midterms and will return to a short lame-duck window, so industry pressure and parallel agency rulemaking by the OCC, SEC and CFTC will shape near-term outcomes for taxpayers and firms.
- If adopted, the association’s proposals would cut paperwork for everyday users and ease burdens on builders, but lawmakers face trade-offs such as potential revenue loss from exemptions and how to stop games like splitting transactions to avoid tax rules.