Members of the U.S. Senate Finance Committee recently met to discuss ongoing issues with the federal tax treatment of digital assets. Both Republicans and Democrats on the committee essentially agreed that the tax rules are confusing and could use improvement. One of the hearing’s witnesses asserted that the “tax code still treats digital assets as generic property, as if nothing had changed in over a decade.” The lawmakers discussed a potential de minimis rule for small cryptocurrency transactions so that users wouldn’t have to keep detailed records for crypto purchases under, say, $200. And they talked about the tax treatment of crypto staking and mining rewards.
