Bitcoin Magazine
Blockchain Association Presses Congress on Crypto Taxes as Clarity Act Stalls
The Blockchain Association sent a letter to Senate and House leadership on Thursday asking Congress to pass bipartisan digital asset tax legislation, the group’s first broad push on taxes since the Clarity Act failed in the Senate last month.
The letter, signed by Chief Policy Officer Lindsay Fraser and addressed to Majority Leader John Thune, Minority Leader Chuck Schumer, Speaker Mike Johnson and Minority Leader Hakeem Jeffries, argues that the rules governing the 67 million Americans who hold digital assets “were written for a different era.”
The group paired it with a new site, TaxClarityforAmerica.com, built for constituents to contact their representatives.
The asks will sound familiar to anyone who has followed the tax fight: a de minimis exemption for small transactions, cash treatment for stablecoins, tax on mining and staking rewards at sale instead of receipt, broker reporting limited to firms that hold customer assets, and wash sale rules that close loss harvesting without catching everyday transactions.
The letter adds a safe harbor for foreign traders on U.S. exchanges, a mark-to-market election, and R&D credit eligibility for blockchain development. What the letter leaves out is an endorsement. Two bills are somewhat in play, and the association named neither.
The House moved first. R. 10357, a 114-page package from Chairman Jason Smith (R-MO). It exempts network fees under $10 from capital gains reporting, with a carve-out for taxpayers who made more than 5,000 transfers in the prior year, and extends wash sale and constructive sale rules to digital assets.
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