Forbes: The GENIUS Act Does Not Change the Tax Classification of Digital Assets in the United States

ChainCatcher news, according to Forbes, although the U.S. recently passed the GENIUS Act, the IRS still views 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.