US Blockchain Association Sends Letter to Congress, Urging Bipartisan Digital Asset Tax Legislation

Odaily reports: The U.S. Blockchain Association has issued a statement saying it has sent a letter to the leadership of both the U.S. Senate and House of Representatives, urging Congress to advance prudent, bipartisan digital asset tax legislation. The association stated that approximately 67 million Americans hold and use digital assets, and that the current tax system exposes taxpayers to uncertainty and a heavy compliance burden while driving innovation overseas. The tax principles proposed by the association include a meaningful de minimis exemption, taxing mining and staking rewards as newly created property upon disposition, reporting arrangements that protect taxpayer privacy, taxation based on economic substance rather than technical form, and wash sale rules that prevent abuse without penalizing everyday activities. The House Ways and Means Committee has previously advanced digital asset tax-related legislation, and Senator Steve Daines has introduced a Senate version; Congress is in recess until the November 3 election, but there remains a legislative window during the short session.