Kraken Submits 56 Million Crypto Tax Forms for the 2025 Tax Year, One-Third Involving Transactions Under One Dollar

Odaily News Kraken has submitted 56 million crypto transaction forms for the 2025 tax year to the U.S. IRS. Approximately 18.5 million of these forms involve transaction amounts under $1, with over half involving amounts below $10. Data shows that only 8.5% of the 1099-DA forms report amounts exceeding $600, while 74% report amounts below $50. Kraken stated that due to the lack of a de minimis exemption, crypto payments and staking rewards create tax obligations upon receipt, increasing the reporting burden for investors. Kraken has proposed that Congress enact a broad inflation-indexed de minimis tax exemption policy and allow taxpayers to choose the timing for reporting staking reward income.