Kraken Calls on Congress to Set a Tax-Free Minimum for Crypto Payments

Kraken has submitted 56 million crypto transaction tax forms to the U.S. Internal Revenue Service (IRS) for the 2025 tax year, according to ChainCatcher citing CoinDesk. The exchange said about 18.5 million of those forms involve transactions under $1. It added that 74% are below $50, while only 8.5% exceed $600. Kraken argued that the lack of a de minimis exemption for crypto payments, combined with staking rewards being taxed as ordinary income when received, is creating an outsized reporting burden for investors. The company is urging the U.S. Congress to introduce a broader, inflation-adjusted minimum tax-free threshold and to let taxpayers choose whether to tax staking rewards at receipt or at the time of sale.