{"id":152427,"date":"2023-09-09T00:54:08","date_gmt":"2023-09-08T19:24:08","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=152427"},"modified":"2023-09-09T00:54:08","modified_gmt":"2023-09-08T19:24:08","slug":"blockchain-association-responds-to-us-lawmakers-request-for-crypto-tax-guidance-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/blockchain-association-responds-to-us-lawmakers-request-for-crypto-tax-guidance-crypto-news\/","title":{"rendered":"Blockchain Association responds to US lawmakers\u2019 request for crypto tax guidance – Crypto News"},"content":{"rendered":"
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The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted suggestions for lawmakers to consider in potential legislation on the tax treatment of digital assets.<\/p>\n

In a Sept. 8 letter to U.S. Senators Ron Wyden and Mike Crapo, the Blockchain Association said<\/a> lawmakers should support the Keep Innovation in America Act, a bill aimed at changing the reporting requirements<\/a> for certain taxpayers involved in crypto transactions. According to the advocacy group, any legislation introduced in Congress should \u201ccreate symmetry\u201d between taxation of crypto and non-crypto assets, as well as clarify requirements for information on income earned from staking and mining crypto.<\/p>\n

Some of the recommendations were similar to those proposed by crypto advocacy group Coin Center<\/a> in August, including establishing a de minimis <\/em>threshold aimed at excluding gains or losses of certain crypto transactions from tax reporting requirements. The Blockchain Association submitted the letter on the last possible day the U.S. Senate Financial Services Committee said it would be accepting responses<\/a> following a July request.<\/p>\n

\u201cThe Committee should focus on developing intentional, measured legislation concerning specific issues of taxation as they relate to digital assets,\u201d said the Sept. 8 letter. \u201cThe Association urges the Committee to take care not to enact legislation that provides less-favorable tax treatment for digital assets as compared to other assets and rather, focus on developing legislation that would level the playing field for digital assets compared to other assets.\u201d<\/p>\n

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1\/ Today, we submitted a letter in response to the Senate Committee on Finance\u2019s Request For Information (RFI) seeking policy input on the taxation of digital assets.https:\/\/t.co\/4aF8XGfjpY<\/a> pic.twitter.com\/pEm3BfwuuH<\/a><\/p>\n

\u2014 Blockchain Association (@BlockchainAssn) September 8, 2023<\/a><\/p><\/blockquote>\n

Related: <\/em><\/strong>Blockchain Association calls for investigation into Prometheum over alleged \u2018sweetheart\u2019 SEC deal<\/em><\/strong><\/a><\/p>\n

Other suggestions for the two senators to consider included opposing a digital asset mining excise tax proposed by the Biden administration<\/a>, claiming the measure could \u201cinhibit the growth and development\u201d of the crypto industry. The proposal, first announced in March as part of U.S. President Joe Biden\u2019s FY2024 budget, would include a 30% excise tax on electricity used by crypto miners.<\/p>\n

The call for crypto tax guidance by U.S. lawmakers followed a July 31 announcement from the Internal Revenue Service (IRS) stating that filers must report staking rewards<\/a> as gross income in the year they were received, setting new standards for U.S. taxpayers in 2024. The IRS largely taxes the buying, selling, and exchange of crypto assets as capital gains and losses, with mining rewards subject to the same requirements.<\/p>\n

Magazine: <\/em><\/strong>Best and worst countries for crypto taxes \u2014 plus crypto tax tips<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted suggestions for lawmakers to consider in potential legislation on the tax treatment of digital assets. In a Sept. 8 letter to U.S. Senators Ron Wyden and Mike Crapo, the Blockchain Association said lawmakers should support the Keep Innovation in America Act, a bill aimed […]<\/p>\n","protected":false},"author":2,"featured_media":152428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-152427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/152427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=152427"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/152427\/revisions"}],"predecessor-version":[{"id":152430,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/152427\/revisions\/152430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/152428"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=152427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=152427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=152427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}