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The Week In Crypto Policy: Industry Sues SEC; Digital Asset Tax Form
Key Insights
- The Crypto Freedom Alliance of Texas and the Blockchain Association are looking to overturn the SEC's dealer rule in suit arguing the rule violates the Administrative Procedures Act.
- Consensys also sued the SEC, asking a federal court to rule that transactions in ETH are not securities and that Consensys is not operating as a broker through its MetaMask wallet software.
- The IRS published a draft tax form for digital asset brokers, which proposes including unhosted wallet providers as "brokers" and boxes for reporting blockchain transaction hashes, customer names and physical addresses, and wallet addresses.
- Rep. Maxine Waters (D-CA) said "we are on our way to getting a stablecoin bill..in the short run" in an interview with Bloomberg.
CFAT & BA Challenge SEC Dealer Rule
On Tuesday, the Crypto Freedom Alliance of Texas and the Blockchain Association (together, "Plaintiffs") sued the SEC in federal court in the Northern District of Texas in a bid to set aside the SEC’s new dealer rule.
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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.