Senator Steve Daines Introduces U.S. Crypto Tax Reform Bill

Republican Senator Steve Daines has circulated a 56-page draft bill aimed at modernizing the U.S. tax code for digital assets. The proposed legislation seeks to exempt small-value crypto purchases from capital gains taxes and record-keeping requirements, while also protecting staking rewards in retirement accounts from UBTI taxes. The bill is currently in the draft stage and has not yet been formally introduced in the Senate.