Senate Crypto Tax Bill Targets Fall 2026 Drop, Because Regulators Love a Cliffhanger 📜

U.S. Senate Republicans are preparing to release a crypto tax framework as early as fall 2026, according to Senator Steve Daines of Montana, a Republican on the Senate tax-writing committee. Speaking on Tuesday, June 23, Daines told Bloomberg Tax that lawmakers have already assembled a draft outline, stating, "We've gotten a framework put together." He declined to comment on the specific provisions of the bill but described the plan as "more similar than not" to proposals recently introduced in the House.

Daines expressed interest in advancing the measure through committee before the close of 2026, saying, "If we can, I'd love to," when asked about the possibility of a markup later this year. The Senate initiative comes as Congress's tax committees accelerate their work on digital asset policy, with the House Ways and Means Committee recently introducing a package of six crypto tax bills addressing staking, mining, and the taxation of digital asset transactions.

The Senate effort coincides with the advancement of the CLARITY Act, which is approaching its July 4 deadline in Washington. Daines framed the parallel tracks as part of a broader push to deliver regulatory certainty for the digital asset sector, though he did not specify which chamber's language would prevail if both bodies advance competing versions.

Crypto tax legislation has been gaining traction on Capitol Hill, driven in part by industry calls for clearer rules on transactions involving $BTC and $ETH, as well as on staking rewards and mining income. The House bills introduced by the Ways and Means Committee cover those areas specifically, signaling that the Senate framework may follow a comparable structure.

Lawmakers in both chambers have signaled that digital asset tax policy is a priority, with the Senate Banking and House Financial Services Committees also examining related provisions. The timeline outlined by Daines places a potential Senate vote on a crypto tax package in late 2026, leaving room for negotiations with the House before any final legislation could reach the president's desk.