The tax deadline hits crypto holders as Washington moves on stablecoin rules

April 15 marks a hard deadline for millions of cryptocurrency holders: tax day. They must report capital gains from every crypto transaction — trades, payments, withdrawals — and pay what they owe, regardless of whether the profits were ever converted into dollars. Failure brings penalties up to 25% of the tax owed. With Bitcoin hovering near $70,000, many face significant liabilities in assets that have not been liquidated. That pressure may force sales, feeding volatility just as markets watch for regulatory clarity. The U.S. Senate returned from recess with the Clarity Act on the agenda, while the National Credit Union Administration closed its comment period on rules for which credit unions can issue payment stablecoins. Those rules will determine how deeply digital assets integrate into traditional finance. Clearer frameworks could open doors for more institutions to issue or hold dollar-backed tokens. But for now, the immediate financial consequence falls on individuals. An estimated 23 million Americans hold crypto, many navigating complex reporting rules without clear guidance. Last week, Bitcoin saw over $20 million in BTC sold per hour above $70,000, with the $70,000 to $80,000 range acting as a distribution zone since February.