Sen. Steve Daines, a member of the Senate Finance Committee, said the Senate could release a crypto tax bill by fall 2026, with a framework already drafted. Daines stated the Senate plan is 'more similar than not' to the House Ways and Means Committee's proposal, and a markup could come this year. The development adds tax rules to a U.S. crypto agenda already centered on the CLARITY Act, as lawmakers work to establish clearer statutory rules for digital asset taxation.
Senate Finance Committee Drafts Crypto Tax Framework
Daines said Senate lawmakers working on cryptocurrency tax rules may be ready to act "sooner rather than later," possibly in the fall. He stated the groundwork is further along than many observers assume. "We've gotten a framework put together," Daines said, adding that he was hopeful lawmakers could hold a markup on crypto tax legislation this year, according to Bloomberg Tax. A markup would mark the first formal step toward turning the framework into a bill the full chamber could consider. Daines is a member of the Senate Finance Committee.
Senate Approach Aligns With House Ways and Means Committee Proposal
Daines indicated the Senate's approach would track closely with work already underway in the lower chamber. He described the emerging framework as "more similar than not" to what the House Ways and Means Committee has released. A key House committee has been preparing its own legislation to forge a clearer crypto tax structure, addressing questions that current law leaves ambiguous, such as the treatment of staking rewards, mining income, and small transactions.
Crypto Tax Certainty Emerges as Policy Priority
Tax certainty has become a priority for an industry that has spent years navigating piecemeal guidance from the Internal Revenue Service. Clearer statutory rules stand to reduce compliance disputes and give traders, miners, and companies firmer ground on which to plan. The timing also matters politically as the CLARITY Act has recently consumed much of the Senate's crypto bandwidth. For now, the proposal remains a framework rather than a finished bill. Daines stopped short of committing to a firm date, and any markup would still need to clear the Finance Committee before reaching the floor.
FAQ
What did Sen. Steve Daines say about the Senate crypto tax bill timeline?
Sen. Steve Daines, a member of the Senate Finance Committee, said the Senate could release a crypto tax bill by fall 2026, with a framework already drafted. He stated lawmakers may be ready to act "sooner rather than later" and expressed hope for a markup on crypto tax legislation this year.
How does the Senate crypto tax plan compare to the House proposal?
Daines described the Senate's emerging framework as "more similar than not" to what the House Ways and Means Committee has released. Both chambers are working on legislation to establish clearer crypto tax structure, addressing questions about staking rewards, mining income, and small transactions that current law leaves ambiguous.
