Fidelity Urges Congress to Fix Bitcoin and Crypto

Fidelity’s Senior Tax Counsel VP , Sarah Reilly, told lawmakers during a congressional hearing today that the crypto industry urgently needs tax rules that are clear, consistent, and easy to follow. 

Speaking alongside Blockchain Association CEO Summer Mersinger at an ongoing House Ways & Means Subcommittee session, Reilly called attention to the challenges crypto investors and companies face under current tax law.

Fidelity VP Calls for Better Crypto Tax Rules

She pointed out that without proper guidance, individuals and institutions have no choice but to rely on outdated tax principles and vague internal IRS policies. According to her, these stopgap measures do not cover the full range of digital asset transactions. Reilly stressed that this confusion does more than create frustration; it causes real harm.