The U.S. Blockchain Association has sent a letter to Congress, urging the advancement of bipartisan digital asset tax legislation.

BlockBeats news, October 22 - The US Blockchain Association posted that it has sent letters to the leadership of both the Senate and House, urging Congress to advance prudent, bipartisan digital asset tax legislation, and launched TaxClarityforAmerica.com for the public to learn about the principles, view congressional progress, and contact lawmakers. The association stated that approximately 67 million Americans hold and use digital assets, but the current tax system is designed for a bygone era, causing taxpayer uncertainty, excessive compliance burdens, and forcing innovation to move overseas.

Its "Digital Asset Tax Principles" include: a meaningful de minimis exemption; mining and staking rewards taxed as newly created property upon disposition; reporting arrangements that protect taxpayer privacy; taxation following economic substance rather than technical form; and wash sale rules that prevent abuse without penalizing everyday activities.

The association also stated that the House Ways and Means Committee has previously advanced digital asset tax-related bills, and Senator Steve Daines has introduced a Senate version. Congress is in recess until the election on November 3, and there is still a legislative window in the short session.