More than 65 cryptocurrency organizations have sent a letter to President Donald Trump, calling for immediate actions from federal agencies to provide long-overdue tax and regulatory clarity for digital assets. The groups emphasize that such steps are essential in the absence of legislative progress. Recommendations draw from a recent White House report on digital assets.
On Thursday, the Solana Policy Institute, along with firms such as Exodus, Mysten Labs, and Uniswap Labs, led a coalition of over 65 cryptocurrency organizations in sending a letter to President Donald Trump. The letter urges Trump to direct the Treasury Department and the Internal Revenue Service to issue pending guidance on digital asset taxation, highlighting that federal agencies can take "immediate steps" without waiting for Congress.
The recommendations stem from the President's Working Group Report on Digital Assets, released by the White House in July. This report outlined approaches to regulating banking, stablecoins, and taxes in the crypto sector. "The roadmap exists," the Solana Policy Institute stated in a post on X. "Now agencies must act to cement American leadership in crypto."
Specific requests include directing the IRS to apply de minimis tax rules to crypto transactions, such as establishing a $600 threshold for exemptions. The coalition also seeks Treasury guidance classifying staking and mining rewards as "self-created property taxed upon disposition and sourced to the residence of the taxpayer."
On Capitol Hill, Sen. Cynthia Lummis, R-Wyo., introduced a bill in July to address similar issues, including ending double taxation for miners and stakers and setting a $300 transaction threshold for tax exemptions.
Additional asks focus on protecting decentralized finance by urging the Securities and Exchange Commission and Commodity Futures Trading Commission to provide exemptive relief. The letter also calls on the Department of Justice to dismiss charges against Tornado Cash developer Roman Storm, who was charged in 2023 with money laundering, conspiracy to operate an unlicensed money transmitting business, and sanctions violations. In August, a jury found him guilty only on the money transmitting charge, deadlocking on the others. Acting Assistant Attorney General Matthew J. Galeotti noted that "writing code" is not a crime. The groups argue that dropping the case would affirm the administration's commitment to developers and recognize code as speech under the First Amendment.