Category: senate

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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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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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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‘Wolf of All Streets’ Trader Expects Bitcoin to Surpass $100K Within 6 to 12 Months

‘Wolf of All Streets’ Trader Expects Bitcoin to Surpass $100K Within 6 to 12 Months

Crypto trader and investor Scott Melker, also known as “The Wolf of All Streets,” expects the price of bitcoin to hit new all-time highs by the end of the year. “I would not be surprised at all to see bitcoin trading in six figures within the next six to 12 months, or ethereum even pushing […]

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Treasury preps guidance on infrastructure bill’s crypto tax reporting rules: report

Treasury preps guidance on infrastructure bill’s crypto tax reporting rules: report

The U.S. Treasury is preparing guidance on the crypto tax reporting provisions in the infrastructure bill, which recently passed the Senate and is heading for the House, according to a Bloomberg report published Friday.  The provisions provoked a mass outcry from the cryptocurrency industry, which saw the definition of “broker” as excessively broad. Per an […]

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Senate passes trillion-dollar infrastructure bill with unamended crypto tax language

Senate passes trillion-dollar infrastructure bill with unamended crypto tax language

On August 10, the Senate passed H.R. 3684, a landmark infrastructure package months in the making that in its final steps became a flashpoint over cryptocurrency regulation in the United States. The final vote tally was 69-30, with one abstention from Senator Mike Rounds. The bill has been a priority for the Biden administration and […]

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Senators announce compromise on a proposed amendment to crypto definitions in the infrastructure bill

Senators announce compromise on a proposed amendment to crypto definitions in the infrastructure bill

At a press conference in the Senate on Monday, Senators Pat Toomey and Cynthia Lummis revealed a new compromise on cryptocurrency tax provisions. The compromise has managed to get almost all of the senators working on two competing amendments on board, with the lone holdout of Ron Wyden, who apparently wanted greater privacy protections. The […]

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