WORLDTECHBlockchain Association Asks Congress for Crypto Tax Bill Built on 10 Principles
The Blockchain Association has asked congressional leaders in both chambers to pass bipartisan digital asset tax legislation, setting out ten principles it wants any such bill to follow. The trade group, which says it has more than 100 members, sent the request in a letter dated October 22.
What the letter asks Congress to do
According to the Unchained report, the association's chief policy officer, Lindsay Fraser, signed the letter, which was addressed to House Speaker Mike Johnson and Minority Leader Hakeem Jeffries, as well as Senate Majority Leader John Thune and Minority Leader Chuck Schumer.
Among the principles, the association asks for a de minimis exemption, the application of wash sale rules to crypto, and no tax on transfers between a holder's own wallets. It also wants Americans to be able to hold crypto in retirement accounts.
Why the association says the rules need updating
The letter argues that the framework now in place was not designed for digital assets. "Sixty-seven million Americans now hold and use digital assets, yet the rules that govern them were written for a different era," it states.
The association presents the push as a way to give the industry regulatory clarity, which it says would support innovation and protect investors in the digital economy.
What is not yet known
The report describes the letter as a request for legislation and does not indicate whether any of the leaders has responded or whether a specific bill has been drafted.
Open questions
- Have any of the four congressional leaders responded to the letter?
- Will a bipartisan bill that reflects the association's ten principles be introduced?