In a noteworthy development for the cryptocurrency sector, over 65 prominent crypto firms and advocacy organizations have joined forces to submit a joint letter to President Donald Trump. The correspondence urges for immediate action regarding the clarification of tax and regulatory guidelines pertaining to digital assets.
The signatories assert that regulatory agencies can proactively safeguard U.S. innovation without waiting for Congressional action, providing a detailed list of specific reforms they wish to see implemented swiftly.
Some of the industry’s titans have added their names to the letter, including Coinbase, Uniswap Labs, Exodus, and the Blockchain Association. Notable mentions also include the Solana Foundation and the Solana Policy Institute, which played a central role in rallying support for this initiative.
Furthermore, reports indicate that other influential groups like Block, Paradigm, Multicoin Capital, and the Crypto Council for Innovation have echoed this call for prompt action.
Taking to social media, the Solana Policy Institute stated, “Today, over 65 crypto organizations, encompassing major trade associations, builders, investors, and advocates, stand united: it’s time for federal agencies to act.” The letter outlines crucial steps to be taken by the SEC, CFTC, Treasury, and DOJ to foster a more conducive regulatory framework.
Taxation: A Major Concern for the Industry
Among the various concerns highlighted in the letter, the issue of tax treatment stands out prominently. Signatories are advocating for clearer guidelines regarding everyday crypto engagements, specifically calling for the classification of staking and mining rewards as self-created property to be taxed only upon sale or conversion, rather than at the point of receipt.
As part of their request, they proposed a “de minimis” threshold, with one suggested figure being $600, to help eliminate taxation on minor transactions that individuals do not consider taxable events.
Additionally, the coalition is requesting that standard operations — including activities like bridges, forks, airdrops, and liquidations — should not trigger automatic tax implications.
Regulatory Agencies Encouraged to Act Immediately
Industry leaders have stressed that agencies such as the SEC, CFTC, Treasury, and DOJ have the authority to provide interim guidance, issue “no-action” letters, or extend exemptions to give developers the leeway needed to innovate.
The letter emphasizes the need for targeted safe harbors and regulatory sandboxes, aiming to protect developers sharing open-source code while also promoting self-custody options for users.
This move serves as a timely administrative fix while more comprehensive regulations are in progress.
A High-Profile Case Raises Concerns
Included in the letter’s requests is a recommendation for the administration to influence the Department of Justice to reconsider charges against Roman Storm, associated with Tornado Cash. The coalition argues that his actions should be recognized as software development rather than a criminal offense, reflecting broader industry anxieties about the blurred lines between code development and unlawful conduct.
The Bigger Picture in U.S. Crypto Regulations
This letter arrives as a critical follow-up to the executive push on crypto initiated through an order signed on January 23, 2025, which established a Presidential Working Group on Digital Asset Markets. This group aims to coordinate a comprehensive governmental strategy for digital assets.
The crypto industry views this letter as a practical step for immediate regulatory clarity while awaiting more extensive reports and proposals from the working group.
Featured image from CP Image/Policy Options, chart from TradingView
