It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife. However, in the modern age, it seems that a single lawmaker in possession of a good fortune, must be in want of a crypto tax policy. The US House of Representatives, with all the decorum and grace of a Regency ball, is scheduled to hold a hearing on a crypto tax policy framework, as part of the Republicans’ push to consider bills on central bank digital currencies (CBDCs), stablecoins, and market structure. 🎉
In a Wednesday notice, the leadership on the House Committee on Ways and Means and Oversight Subcommittee, with all the formality of a letter from a distant relative, announced that a July 16 hearing would focus on “affirmative steps needed to place a tax policy framework on digital assets.” The event, titled “ensuring digital asset policy built for the 21st century,” will come as House representatives, with the enthusiasm of a young lady at her first assembly, are expected to vote on three crypto-related bills.
It was, at the time of publication, as mysterious as the contents of a locked drawer, what witnesses would be invited to testify at the hearing. The US Senate Banking Committee, with the solemnity of a church service, discussed market structure legislation on Wednesday, hearing from Ripple CEO Brad Garlinghouse, Blockchain Association CEO Summer Mersinger, and Chainalysis CEO Jonathan Levin. 🕰️
Republican lawmakers in both the House and Senate, with the determination of a lady set on a particular gentleman, have offered different legislative paths to address regulatory issues affecting the crypto and blockchain industry. During debate over US President Donald Trump’s budget bill, Wyoming Senator Cynthia Lummis, with the grace of a heroine in a novel, proposed a provision to address double taxation for cryptocurrency miners and stakers. The bill passed the Senate without any such amendment, and Lummis, with the persistence of a lady who has been refused, submitted a standalone draft bill on digital asset taxation days later.
House or Senate to address market structure?
Republicans’ push for a “crypto week” of legislation starting on Monday will see lawmakers in the House, with the fervor of a young lady in love, discuss the GENIUS Act for payment stablecoins, as well as the Anti-CBDC Surveillance State Act, and the Digital Asset Market Clarity (CLARITY) Act for market structure. Though the CLARITY Act originated in the House, leadership with the Senate Banking Committee, with the authority of a master of the house, said in June that the chamber intended to proceed with its own plans for crypto market structure, setting a September goal. Two versions of the Anti-CBDC Surveillance State Act were separately introduced in the House and Senate, but neither bill has passed either chamber. 📜
The GENIUS Act, in contrast, awaits a full House vote after possible amendments and debate, having passed the Senate in June. President Trump, with the decisiveness of a gentleman of means, called on House lawmakers to pass a “clean” bill with “no add-ons,” suggesting he would sign it immediately after a vote. 📝
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2025-07-10 19:51