Kraken has submitted approximately 56 million cryptocurrency transaction forms to the IRS for the 2025 tax year. Of these, about 18.5 million transactions involved amounts less than $1, 74% were under $50, and only 8.5% exceeded $600. The company highlighted the significant tax reporting burden due to the absence of a de minimis exemption rule and the immediate taxation of staking rewards upon receipt. Kraken noted that many low-value forms stemmed from staking distributions and urged Congress to expand the de minimis exemption and allow taxpayers to choose when staking rewards are taxed.