The House Ways and Means Committee’s hearing last Tuesday on the digital asset tax bills was fairly straightforward. Committee members asked largely substantive questions, apparently aimed at better understanding both how crypto taxes might work and the shortcomings of current tax policy. There were no snipings at each other, no actual shootings at President Donald Trump and his family and no major arguments. At most, a few lawmakers have questioned whether crypto is really a pressing issue in today’s economic environment.
In agency news, the CFTC released a proposal to better regulate prediction markets, giving the general public time to weigh in, even as the various court cases continue.
Why it matters
Crypto taxes are the next big issue after the Market Structure Bill (if it happens, anyway). And while the hearing wasn’t exactly spicy, it suggested that there was a lot of work to be done before crypto tax legislation could pass a markup and be submitted to the House.
The CFTC’s proposal to more closely regulate prediction markets is a first step in this process, and public comments will be revealing.
Break it down
Tuesday’s hearing the Ways and Means Committee saw lawmakers asking questions about the various bills presented at the hearing, touching on different aspects of the crypto tax debate. This was a remarkably conciliatory hearing, compared to some of the other hearings the crypto industry has seen.
