Coinbase CPO calls on U.S. lawmakers to reform crypto tax rules, saying current laws are outdated

According to market news, Coinbase Chief Policy Officer FaryarShirzad called on U.S. lawmakers to reform cryptocurrency tax rules, saying the current law is outdated. Treating crypto assets as "property" causes tax obligations to be triggered even by paying Gas fees or using stablecoins for daily transactions, requiring users to calculate a cost basis, track profits and losses, and report, creating a compliance burden. Coinbase data shows that compared with the same period last year, the number of tax-related customer service inquiries has increased by 34%. It is expected that millions of 1099-DA forms will be issued in 2025, a large number of which involve extremely small transactions. Shirzad pointed out that more than 63% of users have gaps in cost base records, and taxpayers either pay more taxes or are forced to manually check transactions. He suggested establishing a minimum exemption for small transactions to eliminate the burden of reporting small payments. If tax rules are not adjusted, it may push users and innovations overseas, affecting the competitiveness of the United States in the crypto field.