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Wish I could accurately describe this rainbow.. and obviously pictures won’t do it full justice either
I was so sure a portal was opening up in the sky when I stepped outside my front door yesterday
CLARITY Act just moved closer to a Senate floor vote 👀
Bipartisan out of committee, reported June 1, and leadership wants it done before summer recess
the regulatory fog that held crypto back for years is about to lift $XRP
Ways and Means Republicans rolled out six standalone bills and a discussion draft ahead of today’s crypto tax hearing at 2pm ET.
The bills address crypto donations, mining and staking taxation, reporting requirements, tax treatment parity, voluntary disclosure, and applying existing tax anti-abuse rules to digital assets. The discussion draft targets the use of offshore crypto tax shelters.
Witnesses include:
📌Sarah Reilly, Vice President and Senior Tax Counsel, @Fidelity
📌@LawrenceZlatkin, Vice President of Tax, @coinbase
📌@jasonsomensatto, Director of Policy, @coincenter
📌Mike Kaercher, Deputy Director,
Tax Law Center at @nyulaw
🚨NEWS: Administration officials will host law enforcement groups at the White House Wednesday as part of ongoing efforts to address concerns that certain provisions in the Clarity Act, including developer protections derived from the Blockchain Regulatory Certainty Act, could make it harder to combat illicit finance, according to three sources familiar with the meetings.
The issue, along with ethics, remains one of the major sticking points that must be resolved before lawmakers can bring the bill to the Senate floor. Several Democrats have signaled they will not support the legislation unless law enforcement believes its concerns have been adequately addressed.
The meetings come on the heels of a broader industry push to win support for the bill from lawmakers and law enforcement, including a town hall and a fly-in featuring former law enforcement officials now working in crypto.