In July, leadership at the U.S. Senate Financial Services Committee asked members of the crypto space how lawmakers should address taxation on cryptocurrencies.
Cryptocurrency advocacy group Coin Center has provided suggestions for United States lawmakers to consider in potential legislation related to the taxation of digital assets.to the Virtual Currency Tax Fairness Act — a bill previously introduced in other sessions of Congress — for provisions, including having the Internal Revenue Service establish a de minimis exemption for crypto transactions.
Secondly, the advocacy group called for lawmakers to consider not applying U.S. tax law reporting requirements for second parties to digital assets. According to Coin Center, a crypto user in the United States could be legally required to provide “incomplete or non-existent” information on senders of digital assets, creating privacy concerns and an undue burden on filers.
“[F]orcing ordinary people to collect highly intrusive information about other ordinary people, and report it to the government without a warrant, is unconstitutional under the Fourth Amendment,” said Coin Center. “[D]emanding that politically active organizations create and report lists of their donors’ names and identifying information to the government is unconstitutional under the First Amendment.
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