The Blockchain Association, a trade group representing over 100 digital asset firms, said current U.S. tax policy for crypto is unworkable and needs updating, according to The Block. The group's chief policy officer, Lindsay Fraser, said Americans using digital assets want to follow the law and pay taxes they owe, but said existing rules are often unclear and difficult to apply, The Block reported.
The push comes as the Digital Asset Tax Certainty Act, which cleared the House Ways and Means Committee, remains stalled. That bill would exempt network fees of $10 or less from taxation, but The Block reported it is not expected to be taken up again until after the November elections.
Separately, broader crypto legislation known as the Clarity Act has stalled in the Senate after failing its first procedural vote last month, following roughly two years of congressional work, according to The Block. The Blockchain Association is calling for any future tax legislation to include a de minimis exemption, protect taxpayer privacy, and extend wash sale rules to crypto transactions, the outlet reported.
It remains unclear whether Congress will prioritize digital asset tax legislation after the November elections or whether the Senate will revisit the Clarity Act, according to The Block.
Sources & evidence
News, not financial advice. Memecoins carry substantial risk. Market snapshots can change quickly. This story was produced by the Block FOMO desk with AI assistance and checked against its sources. Editorial policy.