TechFlow News, April 22: According to a CoinDesk report, Kraken stated that it has filed 56 million cryptocurrency transaction tax forms with the U.S. Internal Revenue Service (IRS) for the 2025 tax year. Of these, approximately 18.5 million forms correspond to transactions under $1, 74% are under $50, and only 8.5% exceed $600. Kraken noted that the absence of a de minimis exemption threshold for cryptocurrency payments—and the fact that staking rewards are taxed as ordinary income upon receipt—are imposing a heavy reporting burden on investors. Kraken is urging the U.S. Congress to enact a broader, inflation-indexed de minimis exemption policy and to allow taxpayers to elect whether to recognize staking rewards as taxable income upon receipt or upon sale.
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