Experts Advocate for Clearer Crypto Rules Before Tax Focus In US

The United States still lacks clear regulations for crypto, especially for tax, stablecoins and how firms in the space can work with banks. According to Cointelegraph, fixing these issues should be a bigger priority for lawmakers before focusing on tax reforms. 

Mattan Erder, general counsel at the blockchain network Orbs, called on the present administration to act. He argued that addressing banking challenges and creating better legal frameworks will do more for the industry than tax changes alone.

The New Government’s Stance On Crypto and Tax

President Donald Trump’s administration is showing strong support for cryptocurrency, giving many people hope that crypto rules will become more clearer and more favorable. The government has already taken big steps, such as creating a national Bitcoin reserve using crypto seized from criminal cases.  

Mattan Erder believes that with this support, the crypto industry could see better rules in different areas, including taxes. However, he also asserted that President Trump cannot do everything alone. 

While executive orders can push the industry forward, Congress needs to pass new bills to make permanent legal changes. Until that happens, crypto companies may continue to struggle with access to banking services.  

Crypto Companies Still Struggle with Banks  

One of the biggest challenges crypto companies is gaining access to banking services. Many firms have struggled to secure reliable banking partnerships due to regulatory uncertainty. This issue reached a breaking point in 2024 when a lawsuit by Coinbase revealed that some U.S. banking regulators had told banks to stop certain crypto-related activities.  

Caitlin Long, the founder and CEO of Custodia Bank, recently revealed even with growing government support, the problem is not yet fully resolved. She believes that crypto firms may continue to face difficulties with banks until at least early 2026. 

This is when the president can appoint a new Federal Reserve governor. Until then, crypto companies may still have trouble getting proper banking services.  

The Stablecoin Bill Could Help Crypto Grow Beyond Tax

A new bill could help crypto gain more acceptance in the banking world. David Pakman, managing partner at CoinFund, said that a stablecoin regulatory framework would encourage banks and financial companies to start using blockchain payments.  

The GENIUS Act, which is under review, would create clear rules for stablecoins and ensure they follow anti-money laundering (AML) laws. If passed, this law could make it easier for banks and other businesses to use crypto networks. Many businesses are already interested in using crypto networks because they offer lower costs, faster transactions, and greater transparency.

Bo Hines, the executive director of the president’s Council of Advisers on Digital Assets, added that lawmakers are expected to make progress on stablecoin legislation within the next two months. If this happens, it could be a big step toward making cryptocurrency a normal part of the financial system.