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U.S. Senate Finance Committee Asks Crypto Industry for Tax Guidance
In a letter made public on Tuesday, Chairman Ron Wyden and Ranking Member Mike Crapo sought cryptocurrency industry comment around nine topics.
Updated Jul 12, 2023, 8:50 a.m. Published Jul 12, 2023, 8:50 a.m.
The U.S. Senate Committee on Finance sought the help of the cryptocurrency industry to better understand how Congress can address the tax challenges and opportunities presented by digital assets.
In a letter made public on Tuesday, Chairman Ron Wyden and Ranking Member Mike Crapo posed a series of questions around nine subjects including loans of digital assets, wash sales and staking and mining.
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"In recent months, the Committee on Finance initiated a bipartisan effort to identify key questions that lie at the intersection of digital assets and tax law," the letter said. "The Internal Revenue Code of 1986, as amended (IRC), draws distinctions between types of property, with no straightforward classification for digital assets. This uncertainty creates complex reporting issues for taxpayers ..."
The Committee will collect answers until Sept. 8, 2023.
Last month, House lawmakers urged the Internal Revenue Service (IRS) to promptly release planned crypto tax rules so the industry can be brought into full compliance. In April, an IRS official said the agency hoped to implement a new operating plan for dealing with cryptocurrencies in the next "12-ish" months.
Read More: US Senators Push Bill to Make Small Crypto Transactions Tax-Free
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bank of America says U.S. banks are heading for multi-year onchain future
The Wall Street firm said faster U.S. stablecoin and charter rules are pulling crypto into the regulated banking system and pushing banks toward an on-chain future.
What to know:
- Bank of America said U.S. crypto rulemaking is set to accelerate as the OCC grants conditional national trust bank charters to five digital-asset firms.
- The bank expects the FDIC and Federal Reserve to follow with stablecoin capital, liquidity and approval rules under the GENIUS Act.
- Banks should embrace blockchain, the report said, citing JPMorgan and DBS pilots in tokenized deposits on public and permissioned blockchains.
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