Forbes: US Stablecoins Still Taxed as Property, GENIUS Act Does Not Alter Tax Rules
According to Foresight News, Forbes reports that although the United States recently passed the GENIUS Act, the IRS still treats digital assets as property, and the key tax rules for traders and investors remain unchanged. The GENIUS Act imposes strict reserve, audit, and disclosure requirements on U.S. stablecoin issuers, including 1:1 asset backing and monthly financial attestations. However, the act does not reclassify stablecoins for tax purposes.
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