Montana Senator Steve Daines has been reported as supporting Chainlink and the broader digital-asset industry ahead of the company’s Link event in New York City. But no direct statement from Daines has been provided, and neither the event nor announcement details include a year. Those gaps limit what can be concluded.
- Link:NYC is listed for October 29 in New York City.
- Daines and Senators Cynthia Lummis, Bernie Moreno and Tim Scott introduced the proposed ADAPT Act on October 22.
- Chainlink has announced initiatives involving Anchorage Digital Bank, Swift, Bottomline and the Hong Kong Gold Exchange.
- Several initiatives are proposals, planned integrations or pilots, not evidence of broad adoption.
Chainlink’s Link Event Brings Finance and Blockchain Together
Chainlink describes Link:NYC as a one-day event covering institutional real-world assets, blockchain interoperability, artificial intelligence in financial services and blockchain-based payments. It is scheduled for October 29 in New York City, though the year is not specified in the available information.
The listed organizations include Swift, Intercontinental Exchange, Fidelity Investments, Citi and the Depository Trust & Clearing Corporation (DTCC). Chainlink co-founder Sergey Nazarov is also listed as a featured speaker.
The lineup has an institutional focus, but an organization’s presence at an event does not prove it has adopted Chainlink or agreed to a commercial deployment. That distinction matters in a sector where a conference appearance can sound more consequential than the commitment behind it.
What Daines’ Support Does and Does Not Establish
Daines, a Republican senator from Montana, is reported to have expressed support for Chainlink and the digital-asset industry. No direct quote or specific endorsement has been provided. The scope of his support, including whether it concerns Chainlink’s technology, its policy positions or the sector more broadly, remains unclear.
The clearest related policy action is the ADAPT Act, introduced by Daines on October 22 alongside Senators Lummis, Moreno and Tim Scott. The bill’s full name is the Aligning Digital Assets with Principles of Taxation Act. It is proposed legislation, not enacted law.
As described, the bill would remove gain-or-loss tracking requirements for everyday purchases made with qualifying regulated dollar stablecoins. It would also exempt network transaction fees of $10 or less. The available details do not specify a purchase threshold or fully explain the eligibility conditions, so the summary alone does not show how far those provisions would reach.
The proposal also addresses the tax treatment of staking, digital-asset investment trusts and certain lending activities. It would apply wash sale and constructive sale rules to digital assets. These are proposed changes, not settled rules that currently apply in the same way to every digital asset. Their precise effects would depend on the bill’s language and any eventual implementation.
The policy question is straightforward: requiring people to calculate gains or losses on routine, small-value payments can make digital assets awkward to use as money. Tax simplification still needs clear eligibility rules and safeguards against turning a payment exemption into a broad tax loophole. The available information does not establish the bill’s status in Congress or resolve those design questions.
Chainlink’s Institutional Initiatives
Chainlink’s recent announcements share a broad aim: connecting blockchain applications with financial systems and assets held outside those networks. Oracles supply external information to blockchain applications. Cross-chain systems are designed to let separate networks exchange information or coordinate activity. Neither function, by itself, guarantees that an asset is legally sound or that a transaction will settle as intended.
On October 26, Chainlink introduced CustodySync, naming Anchorage Digital Bank as its launch partner. The service is described as connecting assets held in qualified custody with decentralized lending markets. Qualified custody generally means safekeeping by a recognized custodian, though the specific legal and regulatory criteria depend on the arrangement.
CustodySync uses Chainlink’s Proof of Reserve technology to publish custody balances onchain. Its pricing infrastructure is intended to coordinate collateral values between custody systems and decentralized lending platforms. That can make information about off-chain assets available to a blockchain application. But an onchain balance alone does not establish a holder’s legal rights, guarantee withdrawal or remove custody and operational risks.
A day later, the Hong Kong Gold Exchange announced plans to use Chainlink cross-chain technology for XGZ, a gold-backed token developed with involvement from GoldZip and Midas Labs. The announced terms say each token represents one gram of 99.99% fine gold, with physical redemption available to eligible holders who meet minimum requirements.
The available details do not specify the minimums, the token’s issuer or the legal rights of holders. Those terms matter. A token’s stated gold backing is not the same as an unconditional right to redeem a specific amount of physical gold.
Swift Pilots and Bottomline’s Payment Network
In September, Chainlink announced a framework intended to let financial institutions access Swift’s blockchain ledger through Chainlink’s Runtime Environment, the component identified as the connection point. The announcement said 17 banks across six continents were preparing pilots involving tokenized deposits, digital representations of bank deposits recorded on a blockchain.
The available information describes pilots being prepared, not a live production service or broad deployment. It does not name the participating banks or give expected launch dates. A pilot can test whether systems work together. It does not show that the system is ready for routine use at scale.
Also in September, payments technology company Bottomline partnered with Chainlink to connect its payment infrastructure to public and private blockchain networks. The stated aim is to support blockchain-based settlement while allowing institutions to continue using ISO 20022, a standard for financial messaging.
Bottomline’s network reportedly processes more than $16 trillion in payments annually and serves over 600 banking customers. Those figures describe Bottomline’s network, not payments already settled through Chainlink or the number of banks using blockchain through the partnership. The integration could connect existing payment systems with blockchain networks, but adoption will depend on whether it proves useful, reliable and commercially worthwhile.
Key Questions and Answers
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When and where is Link:NYC?
It is listed for October 29 in New York City. The year is not specified.
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What has Daines said about Chainlink?
He is reported to have expressed support for Chainlink and the digital-asset industry, but no direct quote or details about the scope of that support are available.
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What would the ADAPT Act change for everyday users?
It proposes removing gain-or-loss tracking requirements for everyday purchases using qualifying regulated dollar stablecoins and exempting network transaction fees of $10 or less. It remains a bill, and the available details do not specify all eligibility rules.
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Are the Swift bank pilots already operating?
The announcement said 17 banks across six continents were preparing pilots involving tokenized deposits. The available details do not establish that the pilots are live.
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Does XGZ guarantee physical gold redemption?
The announced terms say each token represents one gram of 99.99% fine gold and that eligible holders can redeem it subject to minimum requirements. The minimums and holders’ full legal rights are not specified.
Chainlink’s institutional initiatives show how blockchain companies are trying to connect with established finance rather than build in isolation. Daines’ reported support adds a political dimension, but without a direct statement, its meaning is hard to gauge. The firmer tests will be whether proposed tax rules advance, pilots become dependable services and token holders receive clear, enforceable rights.
