Category: congress

IRS commissioner says crypto reporting standards from Congress would ‘absolutely’ help close U.S. tax gap

Internal Revenue Service (IRS) Commissioner Charles Rettig says reporting requirements for cryptocurrency could be a significant help in closing the tax gap. Rettig’s comments came during a Senate Finance Committee hearing Tuesday. During the hearing, Sen. Rob Portman (R-OH) sought Rettig’s feedback on the subject, saying he’s drafting a bill that would establish crypto tax […]

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Republican House leader says regulators shouldn’t ignore bitcoin’s growth

The Republican leader in the U.S. House of Representatives argued on Tuesday that regulators can’t ignore bitcoin anymore. In an interview with CNBC, Congressman Kevin McCarthy (R-CA) said the base behind crypto is only going to continue to grow. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell have been cautious in their approach […]

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Proposed law calls for the SEC and CFTC to establish a joint digital assets working group

A group of lawmakers on the House of Representatives Financial Services Committee has filed legislation that, if approved, would lead to a digital asset working group led by a pair of key U.S. regulators. The bill directs the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to jointly establish a working […]

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Gensler tells Congress that cryptocurrencies ‘have been a catalyst for change’

Gary Gensler, the former CFTC chairman nominated to lead President Joe Biden’s Securities and Exchange Commission (SEC), said Tuesday that cryptocurrencies “have been a catalyst for change.” His remarks followed a question about what Congress and the SEC can do to create “a more forward-thinking” business environment for the crypto space. Gensler’s confirmation hearing before […]

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Congress seeks answers on crypto anonymity in hearing on domestic terrorist financing

Members of Congress are examining how the nature of cryptocurrencies both help and hinder domestic terrorist financing. Representatives questioned experts on the role digital assets played in Jan.6’s riot at the Capitol during today’s “Dollars Against Democracy: Domestic Terrorist Financing in the Aftermath of Insurrection” hearing.  The House Subcommittee on National Security, International Development and […]

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Members of Congress seek answers from DLive, BitTorrent on last month’s U.S. Capitol riot

Lawmakers have sent a letter to DLive and BitTorrent executives in the wake of last month’s storming of the U.S. Capitol, “expressing concern” about the way some users have utilized the platform to incite violence. BitTorrent, a peer-to-peer file-sharing protocol, acquired DLive in October of 2020. The blockchain-based video platform is known to be more […]

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Pro-Bitcoin US Lawmaker Cynthia Lummis Joins Senate Banking Committee, Plans to Convince Janet Yellen BTC Is Great Store of Value

Pro-Bitcoin US Lawmaker Cynthia Lummis Joins Senate Banking Committee, Plans to Convince Janet Yellen BTC Is Great Store of Value

Pro-bitcoin U.S. Senator Cynthia Lummis has been appointed to the Senate banking committee. She has been talking to Janet Yellen and has outlined her plans to help the new Treasury Secretary and other U.S. lawmakers understand that bitcoin is a great store of value. Lummis says that Yellen has an open mind on this topic […]

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Cynthia Lummis assigned to Senate Banking Committee, plans to launch ‘Financial Innovation Caucus’

Cynthia Lummis assigned to Senate Banking Committee, plans to launch ‘Financial Innovation Caucus’

The Senate has assigned pro-bitcoin senator Cynthia Lummis (R-WY) to the Banking, Housing and Urban Affairs committee, and she’s already planning on ways to educate her colleagues on digital assets. “Through my role on the Banking Committee, I hope to shine a light on many of these pioneering efforts and work with federal regulators to […]

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Coinbase spent $230k to lobby Congress in 2020, records show

Coinbase spent $230k to lobby Congress in 2020, records show

Public lobbying records indicate that Coinbase spent $230,000 across 2020 to lobby the federal government on cryptocurrency policy issues. The figure, first reported by Cointelegraph’s Kollen Post, is contained in four quarterly disclosure forms. Coinbase paid lobby firm Franklin Square Group $50,000 in the first quarter of 2020 and $60,000 in each of the subsequent […]

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Examining the STABLE Act Proposal, Part II

Examining the STABLE Act Proposal, Part II

Quick Take A controversial legislative proposal for the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was recently announced by members of Congress, which could have extensive implications for digital assets if the bill were signed into law.  Our two-part series examines the STABLE Act Discussion Draft, those endorsing the potential legislation, reactions from the […]

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