The crypto exchange advocated for two key changes to US tax law affecting crypto users to “eliminate millions of unnecessary forms.”
Cryptocurrency exchange Kraken called for a change in US tax policy after reporting millions of cases of transactions “worth less than $1” as part of its reporting requirements for 2025.
In a Wednesday blog post, Kraken said it issued more than 56 million tax forms — 1099-DAs — to the US Internal Revenue Service (IRS) in 2025 as now required by law. However, the exchange said that about 18.5 million of those forms were for transactions under $1, with about 28 million for $10 or less and 75% under $50.
In an effort to “eliminate millions of unnecessary forms,” the exchange called for a de minimis exemption for taxes to exclude “small, routine digital asset payments from capital gains reporting.” It similarly advocated for an end to “phantom” income derived from staking cryptocurrencies, requiring holders to “owe taxes on value they have not realized” by not selling their staking rewards.
