TechFlow News, March 27: According to CryptoNews, Faryar Shirzad, Coinbase’s Chief Product Officer, publicly urged U.S. lawmakers to revise existing cryptocurrency tax regulations. He pointed out that classifying crypto assets as “property” stems from a 20th-century tax framework, imposing tax obligations on users even for routine activities such as paying gas fees or using stablecoins for everyday transactions—severely hindering the mainstream adoption of cryptocurrencies.
Coinbase data shows a 34% year-on-year increase in customer support inquiries related to tax filing. For the 2025 tax year, millions of Form 1099-DA will be generated, many reporting transaction amounts below $600—and some even under $1. Additionally, over 63% of users lack accurate cost-basis records, primarily due to frequent transfers of assets across wallets and exchanges. Coinbase recommends applying the existing tax code’s “de minimis exemption” to exempt small-value transactions from reporting requirements.
