Summer of crypto (regs): State of Crypto
Key takeaways
- Capitol Building (Jesse Hamilton/Coin Desk)Technically speaking, summer hasn't started yet and won't for another week.
- Last Tuesday's House Ways and Means Committee hearing on digital asset tax bills was pretty straightforward.
- In agency news, the CFTC published a proposal for better regulating prediction markets, giving the general public some time to weigh in, even as the various legal cases continue.
Capitol Building (Jesse Hamilton/Coin Desk)Technically speaking, summer hasn't started yet and won't for another week. But it's over 90°F in New York, the House Ways and Means Committee held a hearing to work through crypto tax legislation, the Commodity Futures Trading Commission put out a proposal for regulating prediction markets, former CFTC and Securities and Exchange Commission Chair Gary Gensler filed an amicus brief in one of the many, many lawsuits around prediction markets and Sam Bankman-Fried's appeal was rejected by an appellate court panel. Welcome to the summer of crypto regulations.
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Last Tuesday's House Ways and Means Committee hearing on digital asset tax bills was pretty straightforward. The members of the committee asked largely substantive questions, seemingly aimed at better understanding both how crypto taxes might work as well as what holes exist in current tax policy. There was no sniping at each other, no real pot shots at President Donald Trump and his family and no major arguments. At most, we had a few lawmakers question whether crypto is really an urgent issue amid current economic conditions.