U.S. Rep. Rudy Yakym has introduced legislation aimed at reducing federal tax reporting requirements for Americans who own and use digital assets.
The proposed Less Tax Paperwork for Digital Asset Owners Act would streamline tax reporting for cryptocurrency and other digital asset transactions by eliminating certain reporting requirements on routine transactions.
Yakym said the measure supports President Trump’s goal of making the United States a global leader in digital assets and cryptocurrency innovation.
“By removing unnecessary red tape, we can make digital asset ownership less complicated for everyday Americans while encouraging compliance and innovation,” Yakym said.
According to Yakym’s office, the digital asset market reached an estimated $3 trillion in value in 2025, with as many as 30% of American adults owning some form of digital asset.
Under current federal tax law, nearly every digital asset transaction can trigger reporting requirements, regardless of the amount involved. Supporters of the bill argue those requirements are burdensome and discourage broader adoption of digital assets.
The legislation would exempt gains or losses associated with digital assets used to pay network fees, remove reporting requirements for gains or losses involving regulated U.S. dollar-backed stablecoins, and allow taxpayers to elect a simplified accounting method for tracking and reporting digital asset holdings.
Jason Smith, chairman of the House Ways and Means Committee, said the bill would simplify tax compliance for consumers and regulators while promoting participation in the digital asset economy.
The legislation has been referred to Congress for consideration.
1 comment
Hey Yakman, how about making tax reporting much simpler for ALL taxpayers??? Maybe pass the SAVE Act. Maybe investigate the abysmal vote counting and voter roles in Kalifornia to see how much blatant fraud is going on there? How about passing a law that says NO ELECTED REPRESENTATIVE OR US SENATOR GETS PAID WHEN THEY CLOSE TE GOVERNMENT BY REFUSING TO FUND IT????