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The Week in Crypto Policy: Stablecoins and Tax Rule

Dec 15, 2023Ā ā‹…Ā  6 min read

Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) are reportedly teaming up on a new standalone stablecoin bill they hope can thread the needle on balancing federal and state oversight of certain stablecoin issuers. A former IRS Commissioner sharply criticized the IRS's recently proposed tax rules for digital asset brokers, adding more pressure to clarify and narrow the scope of the proposal.

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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.

About the author

George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.