Montana Senator Steve Daines Backs Chainlink

Montana Senator Steve Daines has voiced support for Chainlink and the digital asset industry ahead of the blockchain network's Link event scheduled for October 29 in New York City. Chainlink's promotional coverage has highlighted Daines' recognition of blockchain technology as the company prepares to bring together financial institutions, policymakers, and industry executives.

Institutional Focus and Partnerships

According to CryptoNews, the one-day gathering will feature discussions on tokenized assets, stablecoin payments, and blockchain interoperability, with representatives from Swift, Citi, Intercontinental Exchange, Fidelity Investments, and the Depository Trust & Clearing Corporation. Chainlink has continued to develop its institutional partnerships, including recent collaborations with Anchorage Digital Bank, Swift, and the Hong Kong Gold Exchange.

Cryptocurrency Tax Legislation

Daines' support follows his introduction of the Aligning Digital Assets with Principles of Taxation Act, known as the ADAPT Act, on October 22 alongside Senators Cynthia Lummis, Bernie Moreno, and Tim Scott. The proposed legislation seeks to establish clearer tax treatment for cryptocurrency transactions, remove gain-or-loss tracking requirements for everyday purchases made with qualifying regulated dollar stablecoins, and provide exemptions for network transaction fees of $10 or less.

Key facts

• Montana Senator Steve Daines voiced support for Chainlink ahead of the October 29 Link event in New York City.
• Daines introduced the ADAPT Act on October 22 alongside Senators Cynthia Lummis, Bernie Moreno, and Tim Scott.
• The proposed legislation aims to clarify digital asset taxation, stablecoin payments, and cryptocurrency staking rules.
• Chainlink's event features representatives from major financial institutions including Swift, Citi, and Fidelity Investments.