According to ME News, on May 13 (UTC+8), cryptocurrency journalist Eleanor Terrett reported that U.S. Senator Jack Reed submitted an amendment prior to this week’s deliberation on the stablecoin bill, seeking to explicitly prohibit cryptocurrencies from being used as legal tender, including banning the payment of taxes with crypto assets. Additionally, Senator Elizabeth Warren submitted over 40 amendments, one of which aims to prevent the Federal Reserve from granting master accounts to cryptocurrency companies. Another amendment, jointly submitted by Senators Reed and Smith, seeks to incorporate restrictions on banks’ yields from stablecoins into the bill. (Source: Foresight News)
U.S. Senator Proposes Amendment to Ban Cryptocurrency for Tax Payments
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Summary
A crypto ban proposal gained momentum when U.S. Senator Jack Reed introduced an amendment on May 13, 2026, to prohibit the use of cryptocurrency for tax payments and as legal tender. The amendment also addresses capital gains tax implications. Senator Elizabeth Warren filed over 40 amendments, one of which targets Fed accounts for crypto firms. Reed and Smith also proposed restrictions on stablecoin yields issued by banks.
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