Blockchain Association unveils 14-point crypto tax plan for Congress, backed by Ripple, Coinbase, and Kraken.
The Blockchain Association has released a 14-point digital asset tax framework for Congress, backed by major crypto firms including Ripple, Coinbase, and Kraken.
The proposal aims to guide lawmakers as discussions continue with House tax writers.
Industry Group Publishes 14-Point Tax Framework
The Blockchain Association represents more than 100 member companies in the digital asset sector.
Its members include Ripple, Coinbase, Kraken, and other U.S.-based crypto firms. The group said the framework was developed in coordination with its broad membership.
The document outlines Digital Asset Tax Principles intended to assist Congress in updating current tax treatment.
The association stated that the goal is to provide clarity and consistency for digital asset users and businesses.
Industry representatives are meeting directly with House tax writers as part of the ongoing policy discussions.
The release of the framework coincides with those meetings in Washington, D.C.
De Minimis Exemption and Staking Tax Treatment
One proposal calls for a clear de minimis exemption for small crypto transactions.
Under this approach, minor purchases made with digital assets would not trigger taxable events. Supporters argue this would simplify everyday use of crypto for payments.
Another recommendation addresses staking and mining rewards.
The framework proposes that rewards should be taxed only when they are sold, rather than when they are received. This approach would align taxation with realized gains.
The association also proposes treating stablecoins more like cash instead of property.
Current tax rules often classify digital assets as property, which can create reporting requirements for routine transactions.
Related Reading: Coinbase CEO Sees Win-Win Path for Crypto Banks and US Consumers
Reporting Rules and Developer Scope
The framework suggests limiting tax reporting obligations to custodial intermediaries.
It states that open-source developers and non-custodial software providers should not be subject to broker-style reporting rules.
The proposal seeks to clarify the scope of responsible entities.
The association said its recommendations aim to reflect how blockchain networks operate.
It noted that decentralized systems involve multiple participants with different roles and responsibilities.
Lawmakers continue to evaluate digital asset tax policy as crypto adoption expands.
The 14-point framework is intended to serve as a reference during legislative drafting.
Discussions between industry leaders and congressional tax writers remain ongoing.
Source: https://www.livebitcoinnews.com/new-crypto-tax-rules-ripple-coinbase-push-14-key-reforms/
