TLDR
- Montana Senator Steve Daines voiced support for Chainlink ahead of its Link event in New York City on October 29.
- The event features speakers from Swift, Citi, Fidelity Investments, Intercontinental Exchange and the DTCC.
- Daines introduced the ADAPT Act on October 22 with three other senators to clarify crypto tax rules.
- Chainlink launched CustodySync with Anchorage Digital Bank on October 26.
- The Hong Kong Gold Exchange plans to use Chainlink’s cross-chain technology for its gold-backed XGZ token.
Montana Senator Steve Daines has voiced support for Chainlink and the digital asset industry. His comments come ahead of Chainlink’s Link event, set for October 29 in New York City.
Chainlink has highlighted the senator’s recognition of blockchain technology in its promotion of the event. The company is bringing together financial institutions, policymakers and industry executives to discuss digital assets in traditional finance.
Daines’ support comes one week after he introduced a bill aimed at changing how digital assets are taxed in the United States.
Senator Daines Pushes for Clearer Crypto Tax Rules
On October 22, Daines introduced the Aligning Digital Assets with Principles of Taxation Act, known as the ADAPT Act. Senators Cynthia Lummis, Bernie Moreno and Tim Scott joined him on the bill.
The bill seeks clearer tax treatment for crypto transactions. It would apply existing securities and commodities tax principles to similar digital assets.
Under the proposal, everyday purchases made with qualifying regulated dollar stablecoins would not require gain-or-loss tracking. Network transaction fees of $10 or less would also be exempt.
The bill also covers staking, digital asset investment trusts and certain lending activities. It would apply wash sale and constructive sale rules to digital assets.
Daines said current tax laws have not kept pace with blockchain technology. He said this creates unneeded complexity for taxpayers and businesses.
During a July Senate Finance Committee hearing, he called for crypto tax rules that are easier to understand. He also asked for safeguards against tax avoidance.
Chainlink Expands Institutional Partnerships
Chainlink has announced several deals with financial institutions in recent months. These projects focus on tokenized assets, collateral management and cross-border payments.
In September, Chainlink announced a framework that lets financial institutions access Swift’s blockchain ledger through its Runtime Environment. Swift said 17 banks across six continents were preparing live pilots involving tokenized deposits.
That same month, payments company Bottomline partnered with Chainlink. Bottomline’s network processes more than $16 trillion in payments each year and serves over 600 banking customers.
On October 26, Chainlink launched CustodySync with Anchorage Digital Bank as its first partner. The service lets institutions use assets held in qualified custody as collateral for blockchain-based borrowing.
A day later, the Hong Kong Gold Exchange said it will use Chainlink’s cross-chain technology for its XGZ token. Each token represents one gram of 99.99% fine gold.
The Link event is a one-day gathering for senior executives from banks, asset managers and market infrastructure providers. Topics include tokenized real-world assets, blockchain interoperability, artificial intelligence in finance and blockchain payment systems.
Speakers include representatives from Swift, Intercontinental Exchange, Fidelity Investments, Citi and the Depository Trust & Clearing Corporation. Chainlink co-founder Sergey Nazarov is also among the featured speakers.
The event is taking place on October 29 in New York City.
