If adopted, the proposal will take effect on Jan. 1 of the calendar year following the publication of the final IRS rules.

The crypto altcoin market is in turmoil as investor sentiment plummets and digital asset prices fail to recover from the October 2025 crash.

Monthly digital asset treasury inflows were dominated by Bitcoin, except for August and September 2025, according to data from DefiLlama.

Coming as BTC exchange-traded fund flows turn positive, the moves follow the Wall Street bank's applications with the SEC for Bitcoin and Solana funds.