Kraken Seeks Congress Review on Crypto Tax Filing Threshold

Kraken, a leading cryptocurrency exchange, has submitted an unprecedented number of tax forms to the US Internal Revenue Service (IRS). According to data released by the exchange, Kraken filed 56 million crypto tax forms for the 2025 tax year. The majority of these forms cover transactions with values under $50.

The sheer volume of these filings highlights a fundamental issue in the current reporting framework, which was designed for traditional financial markets. Kraken argues that applying this standard to cryptocurrencies generates millions of low-value reports that add unnecessary compliance costs without providing meaningful tax revenue gains.