Daines Presses Treasury Nominees for Digital Asset Tax Framework After 1 Stablecoin Law
Updated
Updated · Senator Steve Daines · Jul 16
Daines Presses Treasury Nominees for Digital Asset Tax Framework After 1 Stablecoin Law
1 articles · Updated · Senator Steve Daines · Jul 16
Summary
Steve Daines used a Senate Finance Committee hearing to press Treasury nominees Francis Brooke and Sriprakash Kothari for a federal tax framework for digital assets, calling the tax code the unfinished piece of U.S. crypto policy.
Daines said current rules were written decades before blockchain existed, forcing taxpayers to apply outdated standards and leaving the IRS, investors and entrepreneurs without clear, administrable guidance.
His proposal would apply familiar tax rules where crypto functions like securities or commodities, including wash-sale, constructive-sale and elective mark-to-market treatment, while creating tailored rules for stablecoin payments, staking, lending, network fees and charitable contributions.
Brooke and Kothari backed clearer rules and enforcement, saying a workable regime is needed for the U.S. to set standards and maintain leadership in digital assets as Congress builds on the GENIUS Act stablecoin framework.
As other nations offer zero crypto tax, will America's new framework drive innovation overseas?
Is tax software ready for the new crypto rules, or is a compliance crisis inevitable?
With experts calling it 'unworkable,' can a crypto wash-sale rule be enforced without crippling users?
Modernizing U.S. Digital Asset Taxation: Congressional Action, Stablecoin Rules, and Global Leadership in 2026
Overview
In July 2026, the U.S. Congress is making a strong push to create a clear and comprehensive tax framework for digital assets. This effort is driven by the urgent need for regulatory certainty for taxpayers and businesses, aiming to keep the U.S. at the forefront of the digital economy. Both the Senate and the House are actively working on proposals to address current ambiguities in crypto taxation. Key advocates, such as Senator Daines, emphasize the importance of clear and administrable tax rules, building on earlier reviews by the Senate Finance Committee. These coordinated actions reflect a shared goal of supporting innovation and maintaining American leadership.