Crypto industry lobbying group Blockchain Association submits tax proposal to U.S. Congress

Jinse Finance reported that a U.S. crypto industry lobbying group has submitted its desired cryptocurrency taxation proposal to Congress and met with lawmakers in the House responsible for drafting crypto tax legislation, aiming to advance one of the industry's most important policy agendas. The Blockchain Association on Tuesday released its stance on crypto tax policy, calling for stablecoins to be treated as cash for everyday purchases and for a minimum exemption threshold on "small" cryptocurrency transactions. The association believes that requiring tax reporting on "insignificant gains or losses in everyday transactions imposes disproportionate costs on individuals and overburdens tax administration, without generating significant fiscal revenue." The lobbying group also stated its support for applying the **wash sale rule** to digital assets, allowing investors to claim losses when repurchasing the same cryptocurrency after selling. The Blockchain Association's actions come as lawmakers debate how cryptocurrencies should be taxed. Republican Senator Cynthia Lummis introduced a bill in July this year proposing tax exemptions for certain crypto transactions, a bill that was opposed by Democratic Senator Elizabeth Warren.