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United States: White House publishes plan for the taxation of cryptocurrencies and other digital assets

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Tax News and Developments September 2025

In brief

Earlier this summer, the US Administration’s Working Group on Digital Asset Markets (“Working Group“) published a report, entitled Strengthening American Leadership in Digital Financial Technology (“Report“). The Report contains recommendations for revising existing legislation and IRS guidance regarding trusts engaged in cryptocurrency staking, Code provisions that may deny recognition of gains or losses by active securities traders, and reporting requirements for participants in digital asset transactions and for the exchanges that facilitate such activities.

Click here to access the full alert.

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Reza Nader is a partner based in the New York office of Baker McKenzie and advises multinational companies on US tax matters. Reza is chair of the New York Tax Practice and is also chair of the office's Associate Recruiting Committee. Reza is an active participant at both in-house and external seminars and conferences. He has also served as an adjunct professor of international tax at the Georgetown University Law Center and Fordham University School of Law.

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Amir-Kia Waxman is a partner in Baker McKenzie's Tax Practice Group, based in the Firm's New York office. Amir-Kia's practice is primarily focused on the tax-efficient structuring of international operations and transactions including reorganizations, spin-offs and mergers and acquisitions. He regularly publishes in the Firm's North America Tax Practice Group's monthly newsletter, "Tax News & Developments," and assists with drafting client alerts on newly released tax legislation.
Amir-Kia previously worked in the Firm's London and Amsterdam offices as part of Baker McKenzie's Associate Training Program, where he provided US tax advice to clients based in Europe.

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Maxwell Holleman is an associate in Baker McKenzie's Tax Practice Group.
Prior to joining Baker McKenzie, Maxwell was a law clerk at Howell, Buchan & Strong. In this role, he supported litigation efforts by preparing deposition and mediation folders and drafting legal memoranda, complaints, answers, discovery requests and responses, and motions for summary judgment. Maxwell externed with Magistrate Judge Martin Fitzpatrick at the Northern District of Florida Tallahassee Division in 2023. He has also worked for Morgan & Morgan and Crary Buchanan as a law clerk during his time in law school.

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