Coinbase Policy Head Calls for Reform of Crypto Tax Rules, Says Current System is Outdated

Odaily 讯 Coinbase Chief Policy Officer Faryar Shirzad has called on U.S. lawmakers to reform cryptocurrency tax rules, stating that the current system treating crypto assets as "property" is no longer suitable for the industry's development. He pointed out that under the current rules, even paying Gas fees or using stablecoins for daily transactions can trigger tax obligations. Users need to calculate cost basis and track gains and losses, increasing compliance burdens.

Coinbase data shows that customer service inquiries related to taxes have increased by 34% year-over-year. It is estimated that millions of 1099-DA forms will be issued in 2025, many involving small transactions. Shirzad also stated that over 63% of users have gaps in their cost basis records. He suggested establishing a minimum exemption threshold for small transactions to reduce compliance complexity and warned that if the rules are not adjusted, it could affect the competitiveness of the United States in the crypto field. (Cryptopolitan)