Kraken Reports Issuing 56 Million Tax Forms for Digital Asset Transactions, Calls for Tax Code Reform
Kraken, a leading cryptocurrency exchange, reported issuing 56 million tax forms to the IRS, with nearly a third related to transactions under $1. The exchange argues that the current U.S. tax code for digital assets is overly burdensome and calls for reform, including a de minimis exemption for small transactions. The report highlights the challenges faced by taxpayers reconciling micro-transactions with incomplete data.
Topics: 1099-DA forms digital assets IRS Kraken regulatory reform taxation