The Blockchain Association has sent a formal letter to congressional leadership urging the passage of bipartisan digital asset tax legislation. This initiative follows the recent failure of the Clarity Act in the Senate. The organization is also launching a dedicated website to facilitate communication between constituents and their representatives regarding these tax policies.
The association's proposals include a de minimis exemption for small transactions, specific tax treatment for stablecoins, and revised rules for mining and staking rewards. They also seek broker reporting limitations, safe harbor provisions for foreign traders, and R&D tax credits for blockchain development. The group has notably refrained from endorsing any specific existing bill.
Legislative efforts are currently split between the House and Senate. The House Ways and Means Committee approved H.R. 10357, which exempts network fees under $10 from capital gains reporting but classifies validation rewards as ordinary income. Meanwhile, the Senate is considering the ADAPT Act, which provides different exemptions for stablecoin usage and mining rewards.
Current legislative progress is constrained by the congressional recess lasting until after the November 3 midterms. Upon returning, lawmakers will face a limited lame-duck session. The industry's lobbying efforts have intensified following the collapse of the broader market structure bill, which failed a cloture vote 49-50 in September.
