Blockchain Lobby Group Presents Tax Proposals to Congress

The Blockchain Association, a prominent US crypto lobby group, has submitted its tax policy positions to Congress. The proposal suggests exempting low-dollar transactions from tax reporting and taxing mining and staking rewards when sold or disposed of.

The group's efforts are part of the ongoing debate on how to regulate cryptocurrencies, with lawmakers considering various approaches to taxation. The Blockchain Association's recommendations aim to strike a balance between taxpayer privacy and effective enforcement against illicit activities in the crypto space.

The proposed tax exemptions would exclude low-dollar transactions from reporting requirements, which the group argues impose disproportionate costs on individuals and overwhelm tax administration without significant revenue gains. In contrast, taxing mining and staking rewards when sold or disposed of would treat these rewards as self-created property, aligning with traditional taxation principles.