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The Week in Crypto Policy: Digital Payments, Biden's Budget, and ETPs
This week, we review a House hearing on digital payments, crypto-related tax proposals in President Biden's budget, and a letter from two Senators opposed to crypto ETFs.
Key Insights
- A House Financial Services subcommittee examined the CFPB's proposed digital payments rule at a hearing this week.
- Republicans opposed the rule as unclear and anti-innovation, while Democrat leadership argued it would protect consumers and increase regulatory parity between banks and non-banks operating in the payments space.
- President Biden's budget proposes taxing energy used for crypto mining, applying wash sales rules to crypto assets, and other crypto-related updates to the tax code.
- Senators Jack Reed (D-RI) and Laphonza Butler (D-CA) urged the SEC to:
- (1) carefully scrutinize and examine brokers and advisers recommending spot Bitcoin ETPs and
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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.