Coin Center Advocates for Easier Crypto Tax Rules
posted 22 Aug 2023
Coin Center, a crypto-focused policy nonprofit, has reached out to Congress members, urging for more transparent crypto tax regulations.
In a letter to Senate Finance Committee's Ron Wyden and Mike Crapo, Coin Center emphasized the need for guidance on cryptocurrency taxation, especially concerning capital gains. They suggested a threshold for gains below which no tax would be due.
Coin Center also stressed the importance of a "de minimis" exemption, without which, every small crypto transaction could become a taxable event. This exemption would simplify the use of cryptocurrencies for daily payments, especially for micropayments.
In a letter to Senate Finance Committee's Ron Wyden and Mike Crapo, Coin Center emphasized the need for guidance on cryptocurrency taxation, especially concerning capital gains. They suggested a threshold for gains below which no tax would be due.
Coin Center also stressed the importance of a "de minimis" exemption, without which, every small crypto transaction could become a taxable event. This exemption would simplify the use of cryptocurrencies for daily payments, especially for micropayments.
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