Blockchain Association: Stablecoins should be taxed like cash

The Blockchain Association, a U.S. cryptocurrency lobbying group, has submitted recommendations to Congress regarding crypto taxation, Cointelegraph reported. In a statement, the association argued that stablecoins should be treated the same as cash and that small-value crypto transactions should be tax-exempt. It pointed out that requiring tax reporting on minor gains or losses from everyday transactions imposes excessive costs on individuals without significantly increasing tax revenue. Other recommendations included: - Applying wash sale rules to cryptocurrencies. - Including mining and staking rewards as subject to capital gains tax. - Incorporating stablecoin compensation measures into the proposed CLARITY Act.