Sleeping Bull

U.S. Senator Steve Daines has introduced a 56-page bill titled the Digital Asset Tax Alignment Act. According to Odaily, the measure would establish tax rules for stablecoin payments, network fees, staking, and lending, and extend wash sale and constructive sale rules to digital assets.

The bill says purchases of goods and services made with compliant U.S. dollar stablecoins would generally not require recognition of gains or losses. It also would exempt qualifying consumer transactions from broker information reporting requirements, while traders and market makers would not qualify for that exemption. The proposal would further exempt digital asset gains and losses tied to network, transaction, or gas fees of $10 or less. Most provisions would apply to tax years or transactions after December 31, 2026.

Polygon Foundation CEO Sandeep Nailwal said a contract to burn 100 million POL, or about 1% of total supply, is ready and can be executed by any member of the community. According to Foresight News, he said the community could carry out a burn once every quarter in the future.

Nailwal also said POL has been in a deflationary state since the start of this year. He previously said 100 million POL were ready to be permanently burned, with the related contract deployed on testnet and set to go live on mainnet after final approval from the security committee.