Blockchain Association Responds to US Lawmakers’ Request for Crypto Tax Guidance

The Blockchain Association, a cryptocurrency advocacy group based in the United States, has made recommendations for lawmakers to consider regarding the tax treatment of digital assets.

In a letter dated September 8 to U.S. Senators Ron Wyden and Mike Crapo, the Blockchain Association emphasized the need for legislative support for the Keep Innovation in America Act. This bill seeks to modify the reporting requirements for particular taxpayers involved in cryptocurrency transactions. The Association argues that any proposed legislation should establish parity between the taxation of crypto and non-crypto assets, as well as provide clarity on the reporting of income generated from staking and mining cryptocurrencies.