Blockchain Association Urges Congress to Pass Bipartisan Digital Asset Tax Legislation

The Blockchain Association sent a letter to Senate and House leadership urging Congress to pass bipartisan digital asset tax legislation, following the failure of the Clarity Act in the Senate last month. The group argues that current rules governing 67 million Americans holding digital assets are outdated. Key proposals include a de minimis exemption for small transactions, cash treatment for stablecoins, taxing mining and staking rewards upon sale instead of receipt, limited broker reporting, and specific adjustments to wash sale rules. The House's Digital Asset Tax Certainty Act, H.R. 10357, exempts network fees under $10 but excludes Rep. Mike Carey’s Tax Clarity for Mining and Staking Act, which would allow miners and stakers to defer tax until sale, instead classifying validation rewards as ordinary income taxable on receipt. The Senate introduced the ADAPT Act, which sets a similar $10 fee threshold and exempts purchases made with GENIUS Act stablecoins.