US lawmakers debated crypto tax policy at Wednesday’s Senate Committee on Finance hearing, including possible tax exemptions for crypto transactions below a certain threshold and how income from staking services should be classified.

Lawrence Zlatkin, the vice president of tax at crypto exchange Coinbase, urged the Senate committee to consider a de minimis tax exemption for cryptocurrency transactions under $300 to encourage commercial use in payments and ensure innovation occurs inside the US. Zlatkin said:

“The guiding principle is simple parity with traditional finance. The same tax rules should apply to the same economic activity, whether it involves commodities, stocks, or tokens on a blockchain. Right now, that parity does not…