The Week In Crypto Policy: New Tax Bill; Congressional Pushback

Reps. Drew Ferguson (R-GA) and Wiley Nickel (D-NC) introduced a bill to clarify that digital asset rewards from staking or mining are not taxable until the assets are sold or disposed. House Majority Whip Tom Emmer (R-MN) and House Financial Services Chair Patrick McHenry (R-NC) criticized SEC Chair Gensler for misleading Congress, following allegations suggesting the SEC considered ETH a security prior to an oversight hearing at which Chair Gensler refused to clarify ETH's regulatory status. Senator Cynthia Lummis (R-WY) pushed back against recent DOJ efforts to classify certain non-custodial software as a money transmitter business subject to the BSA, vowing to "do everything I can to fight for your rights to hold your own keys and run your own node." As for stablecoins, negotiations continue, but it is unlikely a deal will be attached to an FAA reauthorization bill expected to move next week. Finally, Senator Warren fired off two more letters focused on crypto and illicit finance concerns.