Does Linda Sánchez Support Crypto?

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Digital Asset Tax Certainty Act

Details

This legislation would comprehensively reform the tax treatment of digital assets under the Internal Revenue Code. Key provisions include exempting de minimis digital asset fees under ten dollars from capital gains tax, eliminating tax realization events for U.S. dollar stablecoins fluctuating near their peg, and offering simplified accounting for widely traded digital assets. The bill also establishes tax parity between digital assets and traditional financial instruments regarding lending and dealer mark-to-market elections, clarifies that mining and staking rewards constitute ordinary income, and mandates a Treasury study on using blockchain technology for tax compliance.

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Vote advancing bill out of House of Reps Ways and Means CommitteeFinal Passage Out Of House Committee

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CLARITY Act

Details

The "Digital Asset Market Clarity Act of 2025," or "CLARITY Act of 2025," establishes a regulatory framework for digital commodities, granting the CFTC exclusive jurisdiction over spot market transactions and related entities like exchanges, brokers, and dealers. It aims to differentiate digital commodities from securities, introduce a "mature blockchain system" concept for regulatory exemptions, and protect individual self-custody rights.

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Final Passage Out Of House

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GENIUS Act

Details

The GENIUS Act of 2025 proposes a regulatory framework for payment stablecoins. It defines permitted issuers (insured depository institutions, their subsidiaries, and approved nonbank entities) and mandates 1:1 reserve backing with specific high-quality assets. The bill outlines federal and state regulatory oversight options, sets requirements for customer asset segregation, and grants stablecoin holders priority in insolvency proceedings. It also clarifies that regulated payment stablecoins are not considered securities or commodities under various acts. The bill designates issuers as financial institutions under the Bank Secrecy Act, requiring compliance with AML, KYC, and sanctions regulations to prevent illicit finance and safeguard national security. It also reinforces U.S. leadership in digital finance by supporting innovation and ensuring the dollar remains competitive in a rapidly evolving global financial landscape.

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Final Passage Out Of House

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H.J. Res 25

Details

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

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Final Passage Out Of House

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CBDC Anti-Surveillance State Act

Details

To amend the Federal Reserve Act to prohibit the Federal Reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.

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Final Passage Out Of House

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FIT21

Details

This bill establishes a comprehensive regulatory framework for digital assets, assigning primary jurisdiction over "digital commodities" to the CFTC and "restricted digital assets" to the SEC. It defines key terms like "digital asset," "digital commodity," and "permitted payment stablecoin," and creates a mechanism for digital assets to transition from securities to commodities upon achieving sufficient decentralization. The legislation also outlines registration requirements for various digital asset intermediaries and mandates studies on decentralized finance and non-fungible digital assets.

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Final Passage Out Of House

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SAB 121 House Joint Resolution

Details

For congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121". This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.

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Final Passage Out Of House

Quoted from taxnotes.com · 2024-02-14

Representative Sánchez signed on to a bipartisan letter to the IRS - expressing concern that the proposed IRS tax reporting rules for digital assets are overly broad, potentially harming taxpayer privacy and the U.S. crypto industry. The rules would require reporting of many minor transactions, creating a large burden on businesses and the IRS. The members of Congress who signed on requested more time for compliance and a more targeted approach to avoid stifling the digital asset sector.