| Mobile Web

Kraken says 56 million crypto tax filings are mostly small transactions, tax structure needs overhaul

Crypto exchange Kraken filed nearly 56 million cryptocurrency transaction reports with the U.S. Internal Revenue Service for the 2025 tax year, it said, with many tied to very small transactions. It said 18.5 million reports were for transactions under $1 and more than half were $10 or less. Kraken said the current system forces taxpayers to reconcile incomplete data and can raise compliance costs, and it called for changes to de minimis exemptions and staking taxation.