66 Crypto Groups Demand Trump Action on Tax Clarity, Developer Protections

Key Developments:

66 crypto organizations, including Coinbase and Uniswap Foundation, have sent a letter to President Donald Trump demanding federal action on tax clarity and legal protections for DeFi developers.
The Solana Policy Institute led this initiative, with support from major industry players like Block and Paradigm.

Taxation Requests:

Treat staking and mining rewards as self-created property, taxing them upon sale rather than at creation.
Clarify that bridging and wrapping tokens are non-taxable events.
Apply small-transaction exemptions for gains up to $600 per transaction.
Remove costly appraisal requirements in charitable giving rules for digital assets.

Roman Storm Case:

The coalition urged the Department of Justice to drop charges against Tornado Cash developer Roman Storm, who faces a five-year sentence for operating an unlicensed money transmitting business.
His legal team argues that developing Tornado Cash is protected by the First Amendment.

Regulatory Framework Demands:

Request for SEC to adopt safe harbor frameworks for token projects, allowing a three-year period to decentralize without immediate securities registration.
Demand for rules protecting Americans' right to self-custody, aligned with Trump's January executive order.
Call for FinCEN to halt its proposed rule classifying cryptocurrency mixing services as high-risk for money laundering.
Urge FinCEN to clarify that Bank Secrecy Act requirements do not apply to non-custodial blockchain software.