Cryptocurrency trading giant Coinbase (COIN) said new U.S. tax reporting requirements are overly onerous for many crypto holders and add unnecessary clutter to the country’s taxation system.

While the idea is that taxable activity on crypto should be reported in the same way as with equities, for example, the rules require reporting transactions in stablecoins — whose value, by definition, doesn’t change — and the tiny amounts spent on the network fees known as gas.

The Nasdaq-listed exchange is currently sending millions of American crypto holders the new 1099-DA forms designed to bring crypto in line with the rest of finance. While all Coinbase’s customers will be affected to some extent, it’s the very large group of retail…