U.S. Tax Rules on Digital Assets Remain Unchanged Despite New Legislation

According to Foresight News, Forbes reports that despite the recent passage of the GENIUS Act in the United States, the Internal Revenue Service (IRS) continues to classify digital assets as property. This means that key tax regulations for traders and investors remain unchanged. The GENIUS Act imposes stringent requirements on U.S. stablecoin issuers, including reserve, audit, and information disclosure mandates. These include 1:1 asset backing and monthly financial statements. However, the act does not reclassify stablecoins for tax purposes.