Blockchain Association Presses Congress on Crypto Taxes as Clarity Act Stalls
By Micah Zimmerman
AI summary of the source article
The Blockchain Association urged congressional leadership to pass bipartisan digital asset tax legislation following the failure of the Clarity Act. The industry is seeking updated rules on validation rewards, broker reporting, and de minimis transaction exemptions.
Why it matters
Tax legislation has become a focus because "the House package cleared committee with bipartisan votes, and the wash sale provisions raise revenue, which gives tax writers a reason to attach them to a larger vehicle."
Key facts
- The Blockchain Association sent a letter to House and Senate leaders requesting digital asset tax legislation, paired with a constituent engagement site.
- The House Ways and Means Committee approved H.R. 10357, which exempts network fees under $10 from capital gains reporting and taxes validation rewards on receipt.
- The Senate's ADAPT Act proposes exempting purchases made with GENIUS Act stablecoins from gain or loss and applies wash sale rules.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Blockchain Association Presses Congress on Crypto Taxes as Clarity Act Stalls The Blockchain Association asked congressional leaders Thursday to pass bipartisan crypto tax legislation, but with the Clarity Act near dead, the House bill stripped of mining and staking relief, and Congress out until after the midterms, the ask lands with little room to move. This post Blockchain Asso…