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The Week in Crypto Policy: Stablecoins and Tax Rule
As Congress readied for the holiday break, glimmers of hope emerged for a stablecoin compromise and a tax rule fix in the new year.
Key Insights
- Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) are reportedly teaming up on a new standalone stablecoin bill they hope can thread the needle on balancing federal and state oversight of certain stablecoin issuers.
- Former IRS Commissioner Charles Rettig published an op-ed sharply criticizing the IRS's proposed tax rule for digital asset brokers, calling the proposal: "antithetical to the agency’s mission to provide quality taxpayer services for all Americans and enforce tax laws fairly and efficiently."
Senators Lummis and Gillibrand Contemplate New Stablecoin Proposal
On Tuesday, Punchbowl's Brendan Pedersen reported that Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) are working on a new stablecoin proposal.
Specifically, the post quotes Senator Gillibrand describing the legislation as follows:
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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.