Crypto Execs Tell Congress To Fix Tax Rules

Crypto Execs Tell Congress To Fix Tax Rules

The old saying about Death and Taxes is not quite accurate when it comes to cryptocurrencies. The Internal Revenue Service may seem as implacable as the specter of mortality, but at least the Grim Reaper is upfront about the price.

Crypto tax laws, on the other hand, remain so nebulous and enigmatic that they might have been written by Franz Kafka. No one’s quite certain how to pay crypto taxes, or on which transactions—only that they must be paid. 

This is the subject of “Legislating Certainty for Cryptocurrencies,” a Congressional roundtable hosted today by Warren Davidson (R-OH) on the subject of regulating digital currencies and tokens.

Invited participants include executives from crypto companies and regular exchanges such as Nasdaq, Intercontinental Exchanges, Ripple and Kraken, to discuss topics like improving securities regulations, protecting investors and consumers, and clarifying the rules for the still-emerging field of crypto-finance. 

“Your input is critical to helping us preempt a heavy-handed regulatory approach that could stall innovation and kill the U.S. ICO market,” Rep. Davidson wrote in a letter to invitees. CNBC reports that input from the roundtable will be used to draft a House Bill on cryptocurrencies this fall.

“If we want to get ahead of the curve as a nation and be a crypto-friendly economy, we have to make it a friendly place to set up an ICO,” says Michael Minihan, a tax attorney for BX3 Capital, who participated in the roundtable at Rep. Davidson’s invitation.