Crypto: Crypto Lobby Blockchain Association Pitches Tax Plan To Congress
The Blockchain Association released its tax policy positions, saying “low-dollar” crypto transfers should be exempted, but mining and staking should be taxed.
A US crypto lobby group has shared with Congress its tax proposals for crypto and has met with House lawmakers working on a crypto tax bill to shape one of the industry’s top policy priorities.
The Blockchain Association released its crypto tax policy positions on Tuesday, which called for stablecoins to be treated as cash for ordinary purchases and for a de minimis tax exemption on “low-dollar” crypto transactions.
It argued that tax reporting for “negligible gains or losses from routine transactions imposes disproportionate costs on individuals and overwhelms tax administration without meaningful revenue upside.”
The lobby also said it supports applying wash-sale rules to digital assets, allowing investors to claim losses on sales even if they buy the same crypto back.
The Blockchain Association’s efforts come as lawmakers debate how to tax crypto.
Republican Senator Cynthia Lummis introduced a bill in July to tax-exempt some crypto transactions, which was met with opposition from Democratic Senator Elizabeth Warren.
It also said that mining or staking activities should be subject to capital gains tax.
Related: Dutch House of Representatives advances controversial 36% tax law
The organization met with White House officials earlier this month to advance market structure legislation that includes favorable stablecoin rewards provisions.
Source: CoinTelegraph
