More than 65 cryptocurrency organizations are calling on President Donald Trump to direct the Treasury Department and the IRS to issue long-overdue digital asset tax guidance, emphasizing that regulatory clarity has become a top priority in the absence of legislative progress.
Federal agencies can take “immediate steps,” said the Solana Policy Institute, alongside crypto firms such as Exodus, Mysten Labs and Uniswap Labs, sent a letter to Trump on Thursday.
Recommendations in the letter stem from recommendations made in the President’s Working Group Report on Digital Assets, the institute said. In July, the White House released a long report outlining recommendations for how crypto should be regulated, including language around banking, stablecoins and taxes.
“The roadmap exists,” the institute said in a post on X. “Now agencies must act to cement American leadership in crypto.”
The groups asked Trump to direct the IRS through guidance to apply de minimis tax rules to crypto, such as creating a $600 threshold and direct the Treasury to issue guidance that staking and mining rewards are “self-created property taxed upon disposition and sourced to the residence of the taxpayer.”
On Capitol Hill, Sen. Cynthia Lummis, R-Wyo., has been working on legislation to define how digital assets should be taxed. She introduced a bill in July that would end the double taxing of miners and stakers and set forth a $300 transaction threshold to be exempt from taxes, among other changes.
Other asks
The groups also asked Trump to protect decentralized finance, in part through urging the Securities and Exchange Commission and the Commodity Futures Trading Commission to issue exemptive relief.
As for the Department of Justice, the groups asked Trump to urge the DOJ to dismiss charges against Tornado Cash developer Roman Storm. Storm was charged in 2023 with money laundering, conspiracy to operate an unlicensed money transmitting business, and sanctions violations. In August, a jury was unable to reach a verdict on money laundering and sanctions charges, but found Storm guilty on the money transmitting charge.
Soon after in August, Matthew J. Galeotti, acting assistant attorney general of the Justice Department’s Criminal Division, said that “writing code” is not a crime
“Dropping the case would reaffirm the Administration’s commitment to protecting developers,” they said in the letter. “Doing so will further support that code is speech under the First Amendment and signals that the U.S. will protect innovation.”
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