The House’s recent budget bill includes significant tax legislation; however, it does not include any crypto tax provisions. Additionally, the GENIUS Act, which recently moved forward in the Senate and would provide a regulatory framework for issuing Stablecoins, does not include any crypto tax provisions. As previously discussed here and here, various crypto tax legislation was introduced in recent years, although it was not enacted into law.
The crypto industry needs guidance from the government on tax issues such as staking and digital lending. Crypto tax legislation addressing these and other issues could come later this year in the form of either a standalone crypto tax bill or in the Senate’s markup of the budget bill. Until crypto tax legislation is enacted or other guidance, e.g., regulations, is issued, the crypto tax landscape remains uncertain.
