Cryptocurrency Fundraising Platform Urges Senators to Eliminate Appraisal Requirements for Cryptocurrency Donations
Cryptocurrency fundraising platform, The Giving Block, has sent a letter to Senators Ron Wyden and Mike Crapo, urging them to eliminate the appraisal requirements on cryptocurrency donations. Theย present requirements make it burdensome for donors to contribute to nonprofits using digitalย currencies. Donations exceeding $5,000 in value require donors to hire a qualified appraiser to provide written approval of the transaction for accounting objectives. The Giving Block argues that finding qualified appraisers familiar with digital assets can be difficult and pricey, with charges ranging from 4% to 40% of the donation itself. The platform believes that appraising stablecoins like Tetherย (USDT) and USD Coin provides no value to the donor, charity, or the Unitedย States Treasury. The letter is a response to the Senate Finance Committeeโs request for input on how to address the regulatory issues surrounding the taxation of cryptocurrency assets.
Hot Take
The Giving Blockโs call to eliminate the appraisal requirements on cryptocurrency donations outlines the challenges faced by donors and nonprofits in the cryptocurrency space. With the increasing popularity of digitalย currencies and their probable for supporting humanitarian and political causes, it isย importantย to remove unnecessary barriers that hinder participation. By streamlining the donation process and reducing costs associated with appraisals, more individuals and organizations can contribute to nonprofits using digital assets. This move aligns with the growing trend of cryptocurrency becoming a wholeย lotย of player in philanthropy. As the cryptocurrency community continuesย to accumulate wealth and embrace charitable giving, it is essential to create an environment that facilitates and encourages these contributions.
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