Senate Crypto Tax Bill Framework Emerges as CLARITY Act Advances

More than 200 crypto companies signed a letter urging Senate leadership to bring the CLARITY Act to a vote. The firms argue that clear rules would keep innovation and investment within the United States.

For crypto traders and firms, the two bills operate on separate tracks but overlap in effect. The tax legislation determines how staking rewards, mining income and DeFi revenue are treated on annual returns. The CLARITY Act determines which agency writes those rules and how they are enforced. A staking service, for example, would need to track both its income classification and its regulatory license.

Daines did not reveal the tax framework's specifics. The Senate Finance Committee has not published a draft. The CLARITY Act, having passed committee, still requires Floor consideration. Daines said the tax bill would move "sooner rather than later," but offered no date.

The committee vote of 15-9 showed bipartisan support for market structure rules, though not enough to override a filibuster without additional negotiation. Daines's tax framework has no public vote record yet.