Coin Center Urges Congress for Clearer Crypto Tax Regulations

By Theon Barrett Aug 21, 202350Views

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Coin Center, a crypto-focused policy nonprofit, has reached out to Congress members Ron Wyden and Mike Crapo to advocate for clearer regulations in the crypto industry, especially in regards to taxation. In a letter sent to the Senate Finance Committee Chairman and Ranking Member, Coin Center outlined several principles that they believe should be considered when regulating blockchain technology. One of their main points is the need for guidance on how to account for basis when taxing cryptocurrencies as property and collecting capital gains taxes. They also emphasized the importance of implementing a de minimis exemption, which would prevent users from being taxed for small gains when using cryptocurrencies for everyday transactions. Coin Center has been advocating for this exemption since 2020, arguing that without it, cryptocurrencies would become too complicated for daily use, particularly in micropayment applications where transactions can be as little as a few pennies.

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Theon Barrett

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