More than 65 cryptocurrency organizations are calling on President Donald Trump to order the Treasury Department and the IRS to issue long-awaited digital asset tax guidance, emphasizing that regulatory clarity has become a top priority in the absence of legislative progress.
Federal agencies can take “immediate action,” the Solana Policy Institute said, alongside crypto companies including Exodus, Mysten Labs and Uniswap Labs, which sent a letter to Trump on Thursday.
The recommendations in the letter stem from recommendations made in the report of the President’s Task Force on Digital Assets, the institute said. In July, the White House released a lengthy report outlining recommendations for how crypto should be regulated, including language regarding banks, stablecoins, and taxes.
“The roadmap exists,” the institute said in a statement. job on X. “Now agencies must act to solidify U.S. leadership in crypto.”
The groups asked Trump to direct the IRS, through guidance, to apply de minimis tax rules to crypto, such as creating a $600 threshold, and to direct Treasury to issue guidance that staking and mining rewards are “self-created property taxed upon disposition and originating from the taxpayer’s residence.”
On Capitol Hill, Sen. Cynthia Lummis, R-Wyo., has been working on legislation to outline how digital assets should be taxed. She introduced a bill in July which ending double taxation of miners and stakers and setting a $300 transaction threshold to be tax-exempt, among other changes.
Other requests
The groups also called on Trump to protect decentralized finance, in part by urging the Securities and Exchange Commission and the Commodity Futures Trading Commission to grant an exemption.
As for the Justice Department, the groups asked Trump to urge the DOJ to dismiss charges against Tornado Cash developer Roman Storm. Storm was charged in 2023 with money laundering, conspiracy to operate an unlicensed money transmitting business, and sanctions violations. In August, a jury was unable to reach a verdict on money laundering and sanctions charges, but concluded that Storm guilty on money transfer fees.
Shortly thereafter, in August, Matthew J. Galeotti, acting assistant attorney general for the Justice Department’s Criminal Division, said that “writing code” is not a crime
“Dropping the case would reaffirm the administration’s commitment to protecting developers,” they said in the letter. “This will further support that the code is speech under the First Amendment and signal that the United States will protect innovation.”
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