The Blockchain Association Responds to Legislators’ Call for Input on Cryptocurrency Tax Guidelines

Introduction

The Blockchain Association, a crypto advocacy organization based in the United States, has put forth recommendations for lawmakers to contemplate regarding potential legislation concerning the taxation of digital assets. In a letter dated Sept. 8, 2023, and addressed to U.S. Senators Mike Crapo and Ron Wyden, the Blockchain Association voiced its support for the Keep Innovation in America Act, a bill aimed at altering the reporting obligations imposed on specific individuals engaged in cryptocurrency transactions.

Balance in Tax Treatment

According to the association, any legislative proposals introduced in the halls of Congress should establish a balance in the tax treatment of cryptocurrency and traditional assets. Furthermore, it should elucidate the prerequisites for disclosing income generated through activities such as staking and…

Conclusion

The Blockchain Association’s recommendations provide valuable insights for lawmakers as they consider potential legislation on the taxation of digital assets. By establishing a balance in tax treatment and clarifying disclosure requirements, the association aims to ensure fair and transparent taxation in the cryptocurrency industry.

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