U.S. Republican Senator Steve Daines introduced a crypto tax overhaul bill on Sept. 30 that would exempt taxes on stablecoin payments and small network fees. The proposal seeks to reduce tax burdens for everyday crypto use while extending anti-avoidance rules used for stocks to cryptocurrencies. It would exclude certain U.S. dollar stablecoin purchases from capital gains and reporting requirements and set limits for network-fee transactions, with exclusions for traders, dealers and others.

The U.S. Senate rejected a cloture vote on the Clarity Act, a digital asset market structure bill, by 49 to 50, leaving a procedural path for a revote. Republican Senator Thom Tillis switched his vote to preserve reconsideration options. With an Oct. 2 recess and election-related delays in both chambers, passage this year looks harder. Democrats seek stronger ethics provisions, citing President Donald Trump’s crypto interests, while talks continue over amendments and enforcement.