Overview
- Led by the Solana Policy Institute, more than 65 organizations including Coinbase, Uniswap Labs, the Blockchain Association and the Solana Foundation sent a Nov. 20 letter to the White House.
- The groups ask Treasury and the IRS to treat staking and mining rewards as self-created property taxed on disposition, to deem bridging and wrapping non-taxable, to apply a $600 de minimis exemption and to curb phantom-income taxation from airdrops and similar events.
- The letter urges interim protections for open-source, permissionless protocol developers, SEC and CFTC safe harbors and affirmations of self-custody, plus updated FinCEN guidance that the Bank Secrecy Act does not cover non-custodial software and withdrawal of the mixer high-risk proposal.
- The coalition calls on the Department of Justice to drop the case against Tornado Cash developer Roman Storm, who was convicted in August and is scheduled for sentencing on Dec. 18.
- The push comes as the administration advances related matters, with CFTC chair nominee Mike Selig moving toward a Senate vote and Treasury’s international crypto tax reporting rules reaching White House review.