US Crypto Tax Relief: Association Urges Bipartisan Action

The Blockchain Association has urged senior US lawmakers from both parties to advance legislation clarifying crypto tax rules. Its proposals include a tax-free threshold for small crypto payments, cash-like tax treatment for qualifying stablecoins, and taxing mining and staking rewards when they are sold or otherwise disposed of, rather than when they are received. The group also seeks clearer rules for transfers that do not change a user’s economic exposure and reporting requirements that balance compliance with privacy. It launched taxclarityforamerica.com to help people contact lawmakers and cites 67 million Americans as digital-asset holders or users, an advocacy figure rather than a government census. These crypto tax changes would require congressional action and have not been adopted. Current record-keeping and reporting obligations remain in force, while lawmakers would need to address issues such as lost tax revenue, transaction splitting and consistent implementation.