CoinDesk reported that Kraken, a US cryptocurrency exchange, submitted 56 million cryptocurrency transaction reports to the Internal Revenue Service (IRS) for the 2025 tax year. Of these, one-third, or 18.5 million transactions, were under $1, and over half were under $10. Transactions over $600 accounted for only 8.5% of the total, and 74% were under $50. Current tax law does not include a de minimis exemption for cryptocurrency payments. Staking rewards are also taxed as ordinary income based on the market price at the time of receipt, which can lead to taxes exceeding the asset's current value if token prices fall. A bill currently under discussion in Congress includes a de minimis exemption, but it is limited to stablecoins. Kraken is advocating for legislation that would allow taxpayers to choose whether staking rewards are taxed at the time of receipt or at the time of sale.
