As the Cryptocurrency Market Structure Act moves through the Senate, industry leaders are beginning a concerted effort to advance individual tax priorities within Congress and President Donald Trump’s administration.
On Monday, the American Innovation Project, a leading industry nonprofit, hosted a private dinner with members of Congress to “educate” them on issues related to crypto tax policy and highlight the “lack of clarity” on the issue, a person with direct knowledge of the gathering said. decryption.
According to sources, the dinner was attended by members of the House Ways and Means Committee, which specializes in tax policy, including Adrian Smith (R-Nebraska), Brendan Boyle (D-Pennsylvania), Greg Murphy (R-North Carolina), Tom Suozzi (D-New York), Jimmy Panetta (D-Calif.), Ron Estes (R-Kansas), and Mike Carey (R-Ohio).
Pro-crypto lawmakers also attended, including Rep. Zach Nunn (R-Iowa), who serves on both the House Agriculture and Finance committees.
Representatives for the lawmakers did not respond to multiple requests for comment. decryption About dinner.
The group organizing the event, also known as AIP, also hosted a dinner last week that brought together key Capitol Hill staffers on the same issue, officials said. AIP is new nonprofit organization It is backed by some of the biggest DC players in crypto, including Coinbase, Andreessen Horowitz, Paradigm, Solana Policy Institute, and the Cedar Innovation Foundation, a pro-crypto dark money political funding group.
As a tax-exempt nonprofit organization, AIP cannot by law “operate for private profit” or “attempt to influence law as a material part of its activities.” AIP members argued as follows: decryption The dinner, which centered around taxes, was said to focus on general education rather than policy objectives.
However, in parallel to these events, the same players behind AIP are poised to advance their crypto tax policy goals at both the Congressional and executive levels.
On Thursday, Solana Policy Institute, along with Paradigm and more than 60 other crypto organizations, announced that letter The group urged the White House to take swift action against President Donald Trump to achieve a number of “quick wins” that his administration claims can be achieved immediately.
A crypto policy executive familiar with the thinking behind the letter said: decryption This is intended to encourage the Trump administration to focus on crypto-related goals that can be achieved with the “stroke of a pen.” At the top of his wish list is tax policy, the person said.
“Taxes are very large on the list,” they stressed. “That should be at the top of the agenda.”
The executive added that the two top tax issues currently being pursued by the crypto industry are de minimis exemptions, which exempt small-value sales of cryptocurrencies and everyday crypto purchases from taxes, and tax incentives for crypto staking rewards.
Crypto staking refers to the process of pledging a certain amount of cryptocurrency against a network or protocol to secure the network, provide liquidity, and earn a yield on the amount pledged. Exactly when these fees should be taxed – when they are earned and when they are sold – has been a topic of debate among tax policy experts and regulators for years.
The same group behind AIP is now poised to aggressively push these crypto tax goals through Congress.
These groups are supporting pro-crypto senators in the Senate, including Sen. Cynthia Lummis (R-Wyo.). repeated Commitment to minimal tax exemption. They are also active in the House of Representatives, where the Ways and Means Committee, which was well-represented at this week’s AIP membership dinner, is spearheading efforts to enact tax-related crypto legislation.
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