Coin Center Urges US Congress for Clearer Crypto Regulations

Non-profit policy group focused on cryptocurrency Coin Center has been lobbying Senators Wyden and Crapo, from the Senate Finance Committee, to create clearer regulations for cryptocurrencies concerning taxation.

In a letter to the two committee members, Coin Center proposed some guidelines for blockchain regulation.

It urged the government to provide guidance on how to account for basis, in the event that cryptocurrencies are taxed as property, and to also consider a de minimis exemption for capital gains taxation in cases when cryptocurrency profits are minimal.

As Coin Center has been strongly advocating for this de minimis exemption since 2020, it reiterated that without it, it would be hard to use cryptocurrencies for daily monetary transactions, especially minor ones.