Blockchain Association Urges Congress to Set Crypto Tax Rules
The Blockchain Association has urged Congress to pass bipartisan crypto tax legislation, setting out 10 principles for clearer and more workable rules. In an Oct. 22 letter to House Speaker Mike Johnson, Minority Leader Hakeem Jeffries, Senate Majority Leader John Thune and Minority Leader Chuck Schumer, the trade group said 67 million Americans hold and use digital assets.
The proposed crypto tax principles include a de minimis exemption for small transactions, treating stablecoins more like cash, extending wash-sale rules to crypto, and excluding transfers between a person’s own wallets from taxation when ownership does not change. The group also supports taxing mining and staking rewards when assets are sold, and limiting broker reporting to firms that control customer funds.
The association’s call comes as the House Ways and Means Committee has advanced the Digital Asset Tax Certainty Act, which would exempt crypto transactions of $10 or less used for network or trading fees from gain-or-loss calculations, starting in 2028. Broader crypto market-structure legislation, the Clarity Act, remains stalled in the Senate after a procedural vote failed in September. The principles are a policy proposal, not enacted tax law.
Neutral
The news is neutral for crypto markets because the Blockchain Association’s 10 principles are recommendations, not enacted law. The letter signals continued industry lobbying for clearer crypto tax rules, but it does not immediately change tax obligations, trading costs or demand for digital assets.
In the short term, traders may see limited direct price impact. The House tax bill has advanced out of committee, but it offers a narrow proposed exemption for qualifying fees of $10 or less beginning in 2028, while the broader Clarity Act remains stalled in the Senate. As with other crypto policy proposals, headlines can cause brief sentiment shifts, but traders typically look for legislative votes, passage and implementation before repricing regulatory risk.
Over the longer term, rules that clarify small transactions, wallet transfers, staking income and broker reporting could reduce compliance uncertainty and support wider participation if Congress adopts them. However, the principles also involve trade-offs, including reporting requirements and the treatment of rewards. The market impact will depend on the final legislation and its scope; until then, broader drivers such as liquidity, Bitcoin price trends and risk appetite are likely to matter more for trading and market stability.