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Michael burns

Crypto finds a bright spot in a stormy summer: Congress

August 7, 2022 by www.chron.com Leave a Comment

WASHINGTON - It's been an ugly summer for the cryptocurrency industry everywhere but on Capitol Hill. Despite a pileup of a bad news - layoffs at major companies, ongoing hacks, and the collapse of several high-profile crypto projects that have devastated Main Street investors - the sector is on a hot streak in Congress. In just the last two weeks, a bipartisan group of senators unveiled a proposal to hand oversight of cryptocurrency spot markets to the Commodity Futures Trading Association, the third bipartisan bill since April that would codify a leading role for the industry's preferred regulator. Sens. Patrick Toomey, R-Pa., and Kyrsten Sinema, D-Ariz., teamed up to pitch exempting crypto used for everyday purchases, like buying a sandwich, from capital gains taxes. And that pair, along with Sens. Mark Warner, D-Va., and Cynthia Lummis, R-Wyo., proposed limiting the reach of a provision signed into law last year that tightened tax reporting requirements on crypto … [Read more...] about Crypto finds a bright spot in a stormy summer: Congress

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