Category: congress

House committee approves crypto tax provisions as budget reconciliation package advances

House committee approves crypto tax provisions as budget reconciliation package advances

The tax section of the $3.5 trillion “Build Back Better” reconciliation package has left the House of Representatives committee responsible for ensuring revenue, with new rules for cryptocurrency attached.  Wednesday afternoon, the Ways and Means Committee voted to transmit its draft to the Budget Committee. The vote was 24-19, with Democratic Representative Stephanie Murphy being […]

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Elizabeth Warren and Gary Gensler place Coinbase in oversight crosshairs

Elizabeth Warren and Gary Gensler place Coinbase in oversight crosshairs

Last week’s crypto price plunge and subsequent crypto exchange failures illustrate need for SEC to regulate crypto exchanges, says Senator Elizabeth Warren. Gary Gensler, chairman of the Securities and Exchange Commission, appeared before the Senate Banking Committee on Tuesday morning to give testimony on the SEC’s work. Cryptocurrency was a leading subject, which Gensler anticipated […]

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Before Senate, Chair Gensler will argue that many crypto trading platforms need to register with SEC

Before Senate, Chair Gensler will argue that many crypto trading platforms need to register with SEC

Gary Gensler, chairman of the Securities and Exchange Commission, will appear before a Senate committee Tuesday, where he plans to reiterate his belief that many major cryptocurrency exchanges need to register as securities exchanges.  In opening remarks released by the Senate Banking Committee, Gensler says:  “Many platforms have dozens or hundreds of tokens on them. […]

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House Democrats eye wash sale rule for cryptocurrencies as part of trillion-dollar spending plan: report

House Democrats eye wash sale rule for cryptocurrencies as part of trillion-dollar spending plan: report

Congressional Democrats in the House and Senate are solidifying plans for a multi-trillion-dollar spending package. Among the possible ways to pay for it, according to Politico: applying wash sale rules to cryptocurrencies. Citing sources with knowledge of the plan being developed, Politico reported that Richard Neal, chairman of the House Ways and Means Committee, wants […]

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Sen. Elizabeth Warren says ‘crypto is the new shadow bank’

Sen. Elizabeth Warren says ‘crypto is the new shadow bank’

U.S. Senator Elizabeth Warren (D-MA), a long-standing critic of cryptocurrency, told the New York Times that, in her view, cryptocurrency is “the new shadow bank.” The Times story focused in large part on BlockFi, the venture-backed crypto lending startup that has drawn the attention of numerous state regulators in the U.S. as part of a […]

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What does the looming fight in Congress over a $3.5 trillion spending plan mean for crypto?

What does the looming fight in Congress over a $3.5 trillion spending plan mean for crypto?

The next two weeks could determine whether a new round of Congressional haggling over crypto takes place. On August 24, the House of Representatives passed a framework for the 2022 budget and plans to spend trillions of dollars on President Joe Biden’s domestic agenda. Unlike the notorious infrastructure bill that accompanies it, the budget framework […]

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Legislation calls on CFTC to help craft effective crypto rules

Legislation calls on CFTC to help craft effective crypto rules

Newly submitted legislation in Congress seeks to push the Commodities Futures Trading Commission (CFTC) to create reports to bring more clarity to digital asset markets. Rep. Darren Soto (D-FL) introduced the two bills yesterday, co-sponsored by Reps. Ted Budd (R-NC), Ro Khanna (D-CA) and Warren Davidson (R-OH). The co-sponsors are all members of the Blockchain […]

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How the crypto industry’s very own PAC plans to decentralize political funding in 2022

How the crypto industry’s very own PAC plans to decentralize political funding in 2022

Quick Take With the crypto world paying closer attention to the goings-on of Washington, DC, HODLpac is trying to bridge the two.  HODLpac founder Tyler Whirty spoke with The Block on plans to decentralize PAC financing in time for the 2022 elections.  This feature story is available to subscribers of The Block Daily. You can […]

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Senator Toomey calls for suggestions on US crypto legislation

Senator Toomey calls for suggestions on US crypto legislation

Senator Pat Toomey (R-PA) is looking for feedback on how better to legislate for crypto and blockchain. Per an August 26 announcement shared with The Block, Toomey, the Banking Committee’s senior Republican, is “soliciting ideas and legislative proposals to ensure federal law supports the development of emerging cryptocurrency and open blockchain network technologies while continuing […]

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To pass budget, House Speaker Pelosi commits to finalizing infrastructure bill by Sept. 27

To pass budget, House Speaker Pelosi commits to finalizing infrastructure bill by Sept. 27

The House of Representatives approved a contentious $3.5 trillion budget bill via a rule vote on August 24. This vote succeeded despite the breakaway of a group of moderate democrats from Speaker Nancy Pelosi’s blitz to get the “Build Back Better” budget approved. Led by Representative Josh Gottheimer, those representatives sought to consider the infrastructure […]

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