Capitol Hill Briefing 

# Crypto Use Is Taxing: How Congress Can Fix the Broken Framework 

Date and Time 

May 21, 2026 12:30 - 1:30 PM EDT 

Location 

340 Cannon House Office Building 

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##### Featuring 

![Jason Somensatto portrait](/sites/cato.org/files/styles/author_picture/public/2026-05/Jason%20Somensatto-modified.png?itok=gMKbBqgb) 

Jason Somensatto 

Director of Policy at Coin Center

[![Nicholas Anthony Cropped](/sites/cato.org/files/styles/author_picture/public/2025-02/NicholasAnthony-cropped.jpg?itok=f4HYrot7)](/people/nicholas-anthony) 

[Nicholas Anthony](/people/nicholas-anthony)

Research Fellow, Center for Monetary and Financial Alternatives

[ 

](https://x.com/EconWithNick) 

[![Adam N. Michel cropped](/sites/cato.org/files/styles/author_picture/public/2023-02/adam-michel-cropped.jpg?itok=2xIg84-_)](/people/adam-n-michel) 

[Adam N. Michel](/people/adam-n-michel)

Director of Tax Policy Studies, Cato Institute; Former Deputy Staff Director at the US Congress Joint Economic Committee

[ 

](https://x.com/adamnmichel) 

![crypto, coins, bank](/sites/cato.org/files/styles/pubs_2x/public/2026-04/GettyImages-2213006407.jpg?itok=6rWkrFe4) 

As cryptocurrencies grow in popularity, they have become increasingly easy to use for everyday transactions. However, the US tax code has not kept pace. Because cryptocurrency is classified as personal property—not currency—even the smallest transaction can trigger a capital gains tax event. This creates a complex and often impractical compliance burden for users, discouraging the use of cryptocurrency as a form of payment. In some cases, using cryptocurrency regularly can result in dozens of pages of tax filings over the course of a year. This unnecessary burden hits both the Internal Revenue Service and taxpayers.

With several bills circulating in Congress to address this issue, there is a clear opportunity for reform. Join Cato Institute scholars Nicholas Anthony and Adam Michel as they discuss practical reforms to simplify the tax code, reduce compliance burdens, and expand Americans’ ability to choose how they transact.

**Lunch will be provided.**

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This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/).