On July 30, 2025, the Trump Administration issued an expansive report on the crypto industry (the “White Paper”), describing the digital asset landscape and outlining the contours of a legislative and regulatory framework. The White Paper covers five topics: market structure, crypto and banking, stablecoins, illicit finance, and tax.

On the tax front, the White Paper addresses some of the most pressing and nettlesome tax questions confronting the crypto industry. Specifically, the White Paper floats various crypto related tax proposals, including:

• creating a separate tax regime and distinct asset class for digital assets;

• clarifying the tax treatment of staking and mining rewards;

• extending the wash sale rules to digital assets;

• clarifying the tax treatment of crypto lending; and

• establishing basis reporting rules for crypto transactions.

Time for all concerned to get their two cents in. Let the fun begin.