US Senate schedules hearing on crypto taxation with testimony from Coinbase exec

The U.S. Senate Finance Committee has scheduled a hearing to examine the taxation of crypto assets, with a panel of industry experts expected to provide testimony.

In a statement released Wednesday, Senate Finance Committee Chair Mike Crapo confirmed the hearing, titled "Examining the Taxation of Digital Assets," will be held on Oct. 1 at the Dirksen Senate Office Building and will be livestreamed.

Witnesses scheduled to testify include Jason Somensatto, director of policy at Coin Center, and Andrea S. Kramer, founding member of ASKramer Law. 

Also appearing are Lawrence Zlatkin, vice president of tax at Coinbase Global, and Annette Nellen, chair of the American Institute of CPAs’ Digital Assets Tax Task Force.

The hearing comes amid ongoing debate over how crypto assets should be taxed. In July, pro-crypto Senator Cynthia Lummis introduced legislation seeking to update the tax code for crypto assets, arguing that existing rules are outdated and stifle innovation.

Also in July, White House Press Secretary Karoline Leavitt said the Trump administration still supports de minimis tax exemptions for crypto transactions in future legislation.

Under current IRS rules, taxpayers are required to report cryptocurrency transactions, even when they generate no capital gain or loss. A proposed de minimis exemption would exclude small, routine purchases made with crypto from being treated as taxable events.