Montana Senator Steve Daines has expressed support for Chainlink and the broader digital asset sector ahead of the company’s upcoming Link event in New York City on October 29.
Senator Daines champions crypto-friendly tax reforms
Senator Daines, who represents Montana in the U.S. Senate, recently introduced the Aligning Digital Assets with Principles of Taxation Act, known as the ADAPT Act, aiming to bring clarity to the tax treatment of digital assets. Senators Cynthia Lummis, Bernie Moreno, and Tim Scott have joined as co-sponsors of the bill.
The proposed legislation seeks to harmonize tax rules for cryptocurrencies with existing regulations for securities and commodities. Under the bill, typical consumer purchases using regulated dollar stablecoins would be exempt from mandatory gain-or-loss tracking. Additionally, network fees of $10 or less would not need to be reported for tax purposes.
The measure addresses other areas including staking, digital asset investment trusts, and select lending activities. It also proposes the application of wash sale and constructive sale rules to digital assets.
Daines has argued that, “Outdated tax laws have failed to match the pace of blockchain innovation, resulting in unnecessary complexity for individuals and businesses.”
During a Senate Finance Committee session in July, Daines called for tax rules that better reflect the realities of digital assets and advised additional protections against tax avoidance strategies.
Chainlink’s institutional momentum grows
Chainlink, a blockchain and oracle network specializing in connecting smart contracts with real-world data, has expanded its institutional partnerships in the lead-up to the New York event. The company’s focus has been on tokenized assets, collateral management, and cross-border payment solutions.
In September, Chainlink introduced a new framework enabling financial institutions to access Swift’s blockchain infrastructure through its Cross-Chain Interoperability Protocol, or CCIP. Swift, the global payments messaging network, stated that 17 banks across six continents are preparing live pilot programs for tokenized deposits using this platform.
Mini dictionary: Chainlink’s Cross-Chain Interoperability Protocol (CCIP) allows blockchain networks to communicate and transfer data and assets between one another, enabling interoperability among different blockchains and traditional financial infrastructures.
Also in September, Chainlink partnered with Bottomline, a major payment processing technology provider serving over 600 banks and handling more than $16 trillion in annual transactions.
On October 26, Chainlink launched CustodySync, with Anchorage Digital Bank as its first partner. The service enables institutions to use assets held in regulated custody as collateral for borrowing within blockchain networks.
The Hong Kong Gold Exchange, a recognized precious metals trading institution, has announced plans to adopt Chainlink’s cross-chain technology for its gold-backed XGZ token, which allocates one gram of 99.99% fine gold per token.
Link event to feature global finance leaders
The Chainlink-hosted Link event in New York will convene high-level executives from leading global banks, asset managers, and infrastructure providers. Panel discussions will address topics such as tokenized real-world assets, blockchain interoperability, artificial intelligence in financial services, and payment systems based on blockchain technology.
Notable speakers include representatives from Swift, Citi, Fidelity Investments, Intercontinental Exchange, and the Depository Trust & Clearing Corporation (DTCC). Chainlink co-founder Sergey Nazarov is also scheduled to deliver remarks.
The event underscores the growing connections between traditional finance and blockchain innovators, as institutions explore real-world use cases for digital asset technology.
The Link event is a one-day gathering set for October 29 in New York City.
