Crypto Tax Changes Mulled in Senate Despite Shutdown: BGOV TAX

Crypto Tax Meets Senate

Whether lawmakers find common ground on legislation setting a framework for regulating cryptocurrencies might hinge on when small transactions are too small to report.

Setting a de minimis exemption for when people should pay taxes on crypto transactions is expected to be “hotly debated,” Senate Finance Committee ranking member Ron Wyden (D-Ore.) said.

Tax-writing lawmakers are thinking through how to clarify the way the tax code treats digital assets. They heard from industry players on the topic Wednesday, even as the federal government effectively shut down hours earlier.

The crypto industry argued that everyday transactions—like ...