July 11,2023

Crapo, Wyden Solicit Policy Input on Taxation of Digital Assets

In letter to stakeholders and experts, Finance leaders seek input to address uncertain tax treatment of digital assets

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and Chair Ron Wyden (D-Oregon) launched an effort to address uncertainties surrounding the tax treatment of digital assets with an open letter seeking input from experts, stakeholders and interested parties. 

“The rapid emergence of digital assets has raised novel regulatory issues, including the appropriate treatment under our federal tax law. The [tax code] draws distinctions between types of property, with no straightforward classification for digital assets.  This uncertainty creates complex reporting issues for taxpayers, and warrants examining how the [code] can provide clearer guidance for taxpayers on the treatment of digital asset transactions,” Crapo and Wyden wrote.

The Finance Committee leaders’ letter set a deadline of September 8th for responses sent to responses@finance.senate.gov.  The full text of the letter is here and below: