U.S. Blockchain Association Calls for Advancement of Digital Asset Tax Legislation

The U.S. Blockchain Association has sent a letter to the leadership of both houses of Congress, urging bipartisan cooperation to advance digital asset tax legislation. The tax principles proposed by the association include: establishing a tax exemption threshold for small transactions; treating mining and staking rewards as newly created property and taxing them upon disposal; protecting taxpayer privacy in tax reporting requirements; and formulating tax rules based on economic substance. Additionally, the association has launched the "U.S. Tax Clarity Initiative" website to help the public understand related proposals and congressional progress, as well as to express opinions to lawmakers.

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