More than half of Kraken trades are under $10

Of the 56 million cryptocurrency transaction reports U.S. exchange Kraken submitted to the IRS for the 2025 tax year, one-third, or 18.5 million, were for transactions under $1, and more than half were for $10 or less, CoinDesk reported. Only 8.5% of all transactions were for $600 or more, while 74% were under $50. Current tax law does not provide a de minimis exemption for cryptocurrency payments. Staking rewards are also taxed as ordinary income based on their market price at the time of receipt, which can result in a tax liability that exceeds the asset's current value if the token's price declines. A bill currently under consideration in Congress includes a de minimis exemption, but it is limited to stablecoins. Kraken is advocating for legislation that would allow taxpayers to choose whether to be taxed on staking rewards upon receipt or at the time of sale.