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The Week In Crypto Policy: Crypto Tax Bills & Chokepoint of Customers Banks
Key Insights
- Rep. Gary Palmer (R-AL) introduced a resolution to rescind Treasury's final rule establishing tax reporting requirements for certain custodial digital asset brokers.
- Senator Ted Budd (R-NC) introduced a bill to create a de minimis tax exemption for small, personal cryptocurrency transactions.
- The Federal Reserve Bank of Philadelphia will require Customers Bank to bolster its risk-management and illicit finance programs, after the Fed identified “significant deficiencies” and flagged concerns with the bank's “digital asset strategy.”
- Judge Torres issued a final judgment in SEC v. Ripple, enjoining Ripple from further violations of securities laws and imposing a civil penalty of $125 million.
Rep. Palmer Intro's Tax Rule Repeal Bill
CRA Resolution
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.