Montana Senator Steve Daines has expressed support for Chainlink and the digital asset industry ahead of the company’s Link event scheduled for October 29 in New York City.
The event will bring together financial institutions, policymakers and blockchain industry leaders to discuss how blockchain technology can be used in traditional finance. Key topics include tokenized assets, stablecoin payments, cross-chain transactions and financial market infrastructure.
Major institutions expected to be represented include Swift, Citi, Fidelity Investments, Intercontinental Exchange and the Depository Trust & Clearing Corporation. Chainlink co-founder Sergey Nazarov will also speak at the event.
Chainlink provides technology that connects blockchain applications with external data and systems. Its Cross-Chain Interoperability Protocol allows different blockchain networks to communicate and transfer information.
Daines’ support comes shortly after he introduced legislation aimed at making cryptocurrency taxation clearer in the United States.
On October 22, Daines introduced the Aligning Digital Assets with Principles of Taxation Act, known as the ADAPT Act, alongside Senators Cynthia Lummis, Bernie Moreno and Tim Scott.
The proposed legislation would clarify how digital assets are taxed and apply existing securities and commodities tax principles to comparable digital assets. It also proposes easing tax reporting requirements for everyday purchases made with qualifying regulated dollar stablecoins and exempting certain network transaction fees of $10 or less.
Other provisions cover cryptocurrency staking, digital asset investment trusts and certain lending activities. The bill would also apply wash sale and constructive sale rules to digital assets.
Daines has argued that existing tax laws have not kept pace with blockchain technology, creating unnecessary difficulties for taxpayers and businesses. During a Senate Finance Committee hearing in July, he called for clearer rules that would simplify cryptocurrency taxation while maintaining safeguards against tax avoidance.
Meanwhile, Chainlink continues to expand its partnerships with financial institutions and blockchain service providers.
On October 26, the company introduced its CustodySync service with Anchorage Digital Bank as its launch partner. The service is designed to connect assets held in qualified custody with decentralized lending markets, allowing institutions to use eligible custodied assets as collateral for blockchain-based borrowing.
CustodySync uses Chainlink’s Proof of Reserve technology to publish custody balances on the blockchain, while its pricing infrastructure helps coordinate collateral values between traditional custody systems and decentralized lending platforms.
On October 27, the Hong Kong Gold Exchange announced plans to integrate Chainlink’s cross-chain technology to support transfers of its gold-backed XGZ token between supported blockchain networks. Developed through GoldZip and Midas Labs, the system is intended to improve the movement of tokenized gold across different networks.
Each XGZ token represents one gram of 99.99% fine gold. Eligible holders can redeem the tokens for physical gold if they meet the applicable minimum requirements.
Chainlink has also been working with established financial infrastructure providers. In September, it announced a framework connecting financial institutions to Swift’s blockchain ledger through Chainlink’s Runtime Environment. The system is designed to help banks coordinate blockchain transactions while retaining control of the cryptographic keys used to authorize transfers.
Swift said 17 banks across six continents were preparing live pilots involving tokenized deposits on its ledger.
During the same month, payments technology company Bottomline partnered with Chainlink to connect its payment infrastructure with public and private blockchain networks. Bottomline processes more than $16 trillion in payments annually and serves over 600 banking customers.
The partnership aims to support blockchain-based settlement while allowing financial institutions to continue using established ISO 20022 messaging standards.
Together, these developments highlight Chainlink’s efforts to connect traditional financial systems with blockchain technology as institutions explore tokenized assets, digital payments and cross-network transactions.