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The Blockchain Association sent a letter to all four congressional leaders on Thursday urging passage of standalone digital asset tax legislation, arguing that current rules are "unworkable" and leave law-abiding crypto users unable to meet their obligations. The group, which represents more than 100 firms, addressed Senate Majority Leader John Thune, Minority Leader Chuck Schumer, Speaker Mike Johnson, and House Minority Leader Hakeem Jeffries.
The push comes as the broader Clarity Act has stalled in the Senate after failing its first procedural vote last month, leaving the industry without the comprehensive regulatory framework it had been lobbying for. Rather than wait for that bill to revive, the Association is now pressing Congress to advance the Digital Asset Tax Certainty Act independently. That bill, which cleared the House Ways and Means Committee last month, would establish clear federal tax rules for digital assets and introduce a de minimis exemption exempting network fees of $10 or less from taxable events.
Why it matters
Tax uncertainty is one of the most concrete friction points for retail and institutional crypto adoption in the United States. Without clear rules on cost-basis accounting, wash sales, and de minimis thresholds, compliant behavior is genuinely difficult to achieve. The Blockchain Association's letter explicitly calls for taxpayer privacy protections and the extension of wash sale rules to crypto, framing these not as carve-outs but as basic alignment with how other asset classes are treated.
Market impact
The Digital Asset Tax Certainty Act is not expected to come back to the floor until after the November elections, meaning near-term legislative relief is unlikely.
Frequently asked questions
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What specific tax changes is the Blockchain Association asking Congress to pass?
The group is calling for a de minimis exemption on small transactions, taxpayer privacy protections, and the extension of wash sale rules to crypto, framing these as alignment with how other asset classes are already treated.
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Why did the Blockchain Association send letters to all four congressional leaders?
By addressing both Senate and House leadership from both parties, the group is signaling that crypto tax reform has bipartisan urgency and is not contingent on the stalled Clarity Act moving forward.
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What is the Digital Asset Tax Certainty Act and how far has it progressed?
The bill would establish clear federal tax rules for digital assets, including a de minimis exemption for network fees of $10 or less. It cleared the House Ways and Means Committee last month but is not expected to return to the floor until after the November elections.
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Why did the broader Clarity Act stall in the Senate?
The Clarity Act failed its first procedural vote in the Senate last month, halting what had been two years of congressional work toward a comprehensive crypto regulatory framework.
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How would a standalone crypto tax framework affect institutional participation in digital assets?
Clear rules on cost-basis accounting, wash sales, and de minimis thresholds would reduce compliance costs across the sector and lower the regulatory ambiguity that has held back broader institutional adoption in the United States.
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