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The Week in Crypto Policy: DeFi Hearing & Agency Updates
Key Insights
- A House Financial Services subcommittee held a hearing squarely focused on DeFi, where Members explored potential benefits and ways to enhance consumer protections and mitigate illicit finance risks.
- Rep. John Rose (R-TN) introduced a bill to establish a joint advisory committee on digital assets dedicated to advising the CFTC and SEC on digital asset regulations and harmonizing agency policies.
- Twelve Republicans sent a letter to SEC Enforcement Director Gurbir Grewal, urging the SEC to reconsider its enforcement approach and focus on fair and transparent rulemaking.
- The SEC approved tZERO Digital Asset Securities as a special purpose broker dealer, clarified the staff's views on SAB 121 remain unchanged, settled securities registration violation charges against eToro, and stated crypto assets themselves are not securities in its amended complaint against Binance.
- The IRS published instructions for how brokers should fill out the 1099-DA tax form when reporting certain digital asset transactions that take place beginning in 2025.
House DeFi Hearing
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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.