Blockchain Association Pitches Crypto Tax Plan to Congress

The Blockchain Association has presented its tax policy recommendations to Congress, aiming to shape the upcoming crypto tax legislation. The proposal suggests exempting “low-dollar” crypto transfers from taxation, treating stablecoins as cash for everyday purchases, and applying wash sale rules to digital assets. The association also supports taxing mining and staking activities as capital gains. They argue that reporting negligible gains from routine transactions is inefficient and costly. These efforts coincide with ongoing debates among lawmakers, with Senator Cynthia Lummis proposing tax exemptions and Senator Elizabeth Warren voicing opposition, citing potential revenue losses and loopholes. The Blockchain Association also met with White House officials to discuss favorable stablecoin provisions within broader market structure legislation.

(Source：Cointelegraph)