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Coinbase CPO calls on U.S. lawmakers to reform cryptocurrency tax rules, stating that current laws are outdated
According to market news, Coinbase Chief Policy Officer Faryar Shirzad has called on U.S. lawmakers to reform cryptocurrency tax rules, stating that current laws are outdated. Treating crypto assets as "property" results in tax obligations even for paying gas fees or using stablecoins for everyday transactions, requiring users to calculate cost basis, track gains and losses, and report, creating a compliance burden.
Coinbase data shows that the volume of tax-related customer service inquiries has increased by 34% compared to the same period last year, and millions of 1099-DA forms are expected to be issued in 2025, many of which involve very small transactions. Shirzad pointed out that over 63% of users have gaps in cost basis records, leading taxpayers to either overpay taxes or be forced to manually verify transactions. He suggested establishing a minimum exemption threshold for small transactions to eliminate the burden of reporting small payments. If tax rules are not adjusted, it may push users and innovation overseas, affecting the U.S. competitiveness in the crypto space.
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