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The Week In Crypto Policy: New Tax Bill; Congressional Pushback
Key Insights
- Reps. Drew Ferguson (R-GA) and Wiley Nickel (D-NC) introduced a bill to clarify that digital asset rewards from staking or mining are not taxable until the assets are sold or disposed.
- House Majority Whip Tom Emmer (R-MN) and House Financial Services Chair Patrick McHenry (R-NC) criticized SEC Chair Gensler for misleading Congress, following allegations suggesting the SEC considered ETH a security prior to an oversight hearing at which Chair Gensler refused to clarify ETH's regulatory status.
- Senator Cynthia Lummis (R-WY) voiced staunch opposition to the DOJ's "hyper-aggressive argument that non-custodial software can constitute a money transmission service," while vowing to "do everything I can to fight for your rights to hold your own keys and run your own node."
- Senator Elizabeth Warren (D-MA) sent two letters: (1) one to DOJ and DHS regarding crypto use in the illegal trade of child sexual abuse material and (2) one to the Department of Defense, Treasury, and the White House on Iranian crypto mining and sanctions evasion.
- Stablecoin negotiations continue, but it appears unlikely a deal will be struck in time to hitch a ride on an FAA reauthorization bill expected to move next week.
Providing Tax Clarity for Digital Assets Act
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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.