U.S. Crypto Clarity Act Fails Senate Cloture; CFTC Signals Agency-Led Rulemaking Ahead · Digg

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U.S. Crypto Clarity Act Fails Senate Cloture; CFTC Signals Agency-Led Rulemaking Ahead

House advances tax bill on transactions, staking and mining after Senate setback.

TLDR

The Senate did not advance the Clarity Act past a cloture vote. CFTC Chair Michael Selig stated the agency is locked in and ready to ship crypto rules using existing authority. The House Ways and Means Committee advanced the Digital Asset Tax Certainty Act in a 38-5 vote. That bill would ease taxes on small crypto transactions, clarify stablecoin treatment, and address mining, staking and wash-sale rules. It still needs a full House vote before moving to the Senate.

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157.5K

5 Sources, first seen 8d ago

U.S. Crypto Clarity Act Fails Senate Cloture; CFTC Signals Agency-Led Rulemaking Ahead

House advances tax bill on transactions, staking and mining after Senate setback.

Combined views

157.5K

5 Sources, first seen 8d ago

2K likes

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8d ago

first seen 8d ago

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8d ago

first seen 8d ago

TLDR

The Senate did not advance the Clarity Act past a cloture vote. CFTC Chair Michael Selig stated the agency is locked in and ready to ship crypto rules using existing authority. The House Ways and Means Committee advanced the Digital Asset Tax Certainty Act in a 38-5 vote. That bill would ease taxes on small crypto transactions, clarify stablecoin treatment, and address mining, staking and wash-sale rules. It still needs a full House vote before moving to the Senate.

116 comments

63 saves

266 reposts

Sentiment

Positive——Negative

Summary

Not enough discussion yet.

No sentiment analysis available yet.

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5 Sources

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@CryptosR_Us🚨JUST IN: The House Ways and Means Committee has advanced the "Digital Asset Tax Certainty Act" in a 38-5 vote. The bill would ease taxes on small crypto transactions, clarify stablecoin treatment, and address mining, staking and wash-sale rules. It still needs to pass a full House vote before moving on to the Senate.

@scottmelker"So congratulations, banks. You've now allowed me to go on Coinbase and earn the yield that you so feared" "The banking lobby said there's going to be a deposit flight because crypto exchanges are able to offer yield. Guess what? The Genius Act, which already passed, guaranteed that Coinbase and exchanges can offer yield." "And the Clarity Act, which the banks opposed, was the thing that was going to fix that loophole and prevent the crypto industry from offering yield. And Coinbase reluctantly agreed to that." "The hypocrisy, the insanity, the stupidity of this is never ending." "I'll take the silver lining now as the opportunity to say we don't have to talk about the Clarity Act anymore. We can talk about the CFTC and the SEC moving forward with pro-crypto regulation, which will happen." "This is just a reminder for all the Bitcoiners out there, like myself, at the very beginning, who are here because we wanted to rage against the machine. Now you can opt out of the stupidity of government once again by simply buying Bitcoin."

@PolymarketJUST IN: CFTC Chair Michael Selig announces the agency is “locked in and ready to ship” crypto rules using existing authority after the Senate failed to advance the Clarity Act.

@rmezamor@WatcherGuru The CLARITY Act failed yesterday but the House is not waiting. This tax bill includes a $10 exemption on network fees and covers staking, mining, and wash sale rules. Regulation is not dead, it just moved to a different building.