Treasury Secretary Scott Bessent’s Bitcoin Endorsement

The U.S. Treasury just sent a powerful signal to the financial and tax world. In a move few anticipated, Treasury Secretary Scott Bessent praised Bitcoin as “more resilient than ever,” noting that “the network never shuts down.” For a department that has historically viewed crypto with skepticism, this marks a pivotal shift and carries major implications for tax professionals, financial planners, and business owners navigating the uncertain landscape of digital assets.

This was not just a comment about technology. It was a statement about permanence, a recognition that crypto is here to stay and regulators must evolve to manage it.

The Context: From Skepticism to Strategic Acceptance

Over the past decade, the U.S. Treasury has walked a fine line between oversight and caution on crypto. While the IRS has classified virtual currencies as property since 2014, policy execution has lagged behind innovation.

Secretary Bessent’s remarks, made during a Treasury briefing marking Bitcoin’s anniversary, highlight a clear philosophical shift. Rather than viewing digital assets solely as a tax compliance problem or enforcement risk, Treasury seems poised to recognize crypto’s role in financial markets.

This evolution aligns with broader global movements:

• The OECD’s Crypto-Asset Reporting Framework (CARF) is gaining traction among member nations.

• The European Union’s MiCA regulation is setting transparency standards for exchanges and stablecoins.

• Domestically, the IRS’s new digital asset reporting rules effective in 2025 will require brokers and payment processors to issue Form 1099-DA.

Put simply, the infrastructure for legitimate crypto taxation and compliance is being built and Treasury’s new tone could accelerate that process.

Why This Matters for CPAs, Tax Attorneys, and Business Owners

Let’s get practical. Treasury’s tone often foreshadows policy. Here’s what this shift means across the profession:

• Regulatory posture is changing. Expect increased IRS enforcement around crypto reporting, including audits on cost basis, staking income, and international holdings.

• Digital asset reporting under IRC §6045 will expand to include brokers and potentially decentralized platforms.

• Tax compliance complexity will rise. CPAs must prepare for new reporting forms, adjusted definitions of “brokers,” and expanded due diligence on crypto transactions.

• Tax attorneys may face more client disputes around basis calculations, wash-sale treatment, and classification of digital assets for tax purposes.

• Business owners cannot ignore crypto. Even small businesses accepting Bitcoin or holding stablecoins as working capital will need to document cost basis and gain/loss events.

• Corporate treasurers exploring digital assets must align with both GAAP standards and tax reporting expectations.

This is the moment to review client holdings, re-examine data collection processes, and establish proactive compliance strategies before new rules arrive.

Tax professionals and firms can use Bizora’s tools to automate digital asset tax tracking and reconciliation. Staying ahead of the curve is key to minimizing audit risk.

What’s Next in Policy and Practice

Treasury’s shift does not happen in isolation. Here’s what’s likely next on the horizon:

• New IRS guidance clarifying staking rewards, DeFi lending, and token swaps.

• Legislative action from Congress defining “digital asset intermediaries” for tax-reporting purposes.

• Expanded cross-border cooperation, meaning offshore wallets and foreign exchanges may soon trigger automatic information sharing under FATCA-like agreements.

These moves will reshape how individuals and businesses manage crypto tax exposure. Firms that begin aligning compliance workflows now will enjoy a smoother transition when formal rules drop.

Final Takeaway

Treasury’s recognition of Bitcoin as a resilient network is more than rhetoric. It is the beginning of a policy pivot that legitimizes digital assets as part of the U.S. financial system.

For CPAs, tax attorneys, and business owners, the message is clear. Crypto is entering the mainstream of tax policy.

Preparation today through better documentation, smarter software, and client education will separate those who thrive from those who scramble when new reporting obligations arrive.

Stay ahead with Bizora, your partner delivering real-time insights and solutions that keep your firm compliant, competitive, and client-ready.