The Week in Crypto Policy: Digital Payments, Biden's Budget, and ETPs

The House Financial Services Committee debated a CFPB rule that could add further uncertainty to the digital asset space. Republicans criticized the rule as ambiguous, anti-innovation, and outside the CFPB's authority. While some Democrats appear in agreement with Republican claims that the rule is unclear, Democrat leadership on the Committee argued the rule bolsters consumer protections and regulatory parity between banks and nonbanks. In a new letter, two Members urged the SEC not to approve any more crypto ETPs. And in the White House's new budget proposal, President Biden is once again supporting a digital asset mining tax and crypto-related updates to the tax code, like applying wash sale rules to crypto assets.