US Senate Finance Committee asks digital asset community how to tax it in open letter

United States Senate Financial Services Committee Chair Ron Wyden and ranking member Mike Crapo released an open letter to the digital asset community on July 11 asking for input on the taxation of digital assets. The senators are looking for solutions to highly complex taxation issues, so much so that they offered background reading from the Joint Committee on Taxation to prepare respondents.

The Internal Revenue Code of 1986 provides “no straightforward classification for digital assets,” the senators said. They asked a large number of questions grouped into nine subject areas, explaining:

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