The U.S. Senate Committee on Finance has written a letter seeking comments from the crypto industry to better understand how Congress should address tax challenges and opportunities posed by digital assets. The letter was prepared by the committee's chairman, Ron Wyden, and a ranking member, Mike Crapo. In the letter, Wyden and Crapo have directed questions to the industry participants on nine subjects. - The issues at the center of questions include loans of digital assets, wash sales, staking, and mining.
- The committee will continue to collect answers by Sept. 8.
- In April, an official from the Internal Revenue Service (IRS), the U.S. tax authority, said they planned to start implementing a new operating plan for dealing with cryptocurrencies within 12 months.
Over the past months, U.S. President Joe Biden urged authorities several times to remove tax loopholes that only help wealthy crypto investors. - Biden's fiscal 2024 budget proposal, revealed in March, also suggested doubling the capital gains tax rate for crypto investors and banning crypto wash sales.
- The White House published a blog post in May, reiterating the U.S. government's plans to impose a 30% federal tax for electricity usage from all digital asset mining.
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