Kraken files millions of crypto tax forms

Cryptocurrency exchange Kraken has filed 56 million tax forms for the 2025 tax year, with a significant majority covering transactions valued under $50. The exchange highlights the immense reporting burden placed on investors due to the lack of a de minimis exemption for crypto payments and staking rewards, which are taxed upon receipt. Kraken is advocating for Congress to implement a broad, inflation-indexed de minimis tax exemption and allow taxpayers to choose when staking rewards are taxed, either at receipt or at sale. This initiative aims to simplify tax compliance and reduce disproportionate costs for small transactions.