U.S. cryptocurrency exchange Kraken submitted 56 million cryptocurrency transaction reports to the Internal Revenue Service (IRS) for the 2025 tax year, with one-third (18.5 million) of those transactions being under $1 and over half being under $10, CoinDesk reported. Transactions over $600 accounted for only 8.5% of the total, and 74% were under $50. Current tax law does not include a de minimis exemption for cryptocurrency payments. Staking rewards are also taxed as ordinary income based on the market price at the time of receipt, which can lead to taxes exceeding the current value of the asset if the token price drops. While bills currently under discussion in Congress include de minimis exemption clauses, they are limited to stablecoins. Kraken is urging legislation that would allow taxpayers to choose whether staking rewards are taxed at the time of receipt or at the time of sale.