The Solana Institute, in collaboration with over 65 cryptocurrency organizations, sent a joint letter to President Donald Trump on November 20, 2025, calling for urgent executive action to clarify tax rules for digital assets. The coalition includes major entities like Exodus, Mysten Labs, and Uniswap Labs, and emphasizes that regulatory certainty is critical for maintaining U.S. leadership in blockchain innovation.
Key issues addressed in the letter include the taxation of staking and mining rewards, which the groups argue should be treated as self-created property taxed only upon disposition, not at receipt. Additionally, they seek clarity on airdrops and forks, urging that these not be taxed as income without actual economic gain, and call for guidance on decentralized finance (DeFi) activities to foster innovation. The letter references the President's Working Group Report on Digital Assets released in July 2025, which outlined recommendations for crypto regulation.
The coalition asserts that no new legislation is needed, advocating instead for immediate guidance from federal agencies like the IRS, SEC, CFTC, and U.S. Treasury. Specific requests include applying de minimis rules with a $600 threshold for crypto transactions and providing exemptive relief for DeFi projects. The letter also urges the Department of Justice to dismiss charges against Tornado Cash developer Roman Storm, highlighting the importance of protecting developers and upholding First Amendment rights for code.
Industry leaders stress that clarity will reduce ambiguity, encourage investment, and support the growth of U.S.-based crypto projects, with one signatory noting, "The clarity provided by federal agencies will help foster innovation and protect both developers and consumers."
BZIL
MOBU
VFX
BTC
NMR
GEE