Officials in the US House of Representatives are set to conduct a hearing on a cryptocurrency tax strategy framework as part of Republicans’ initiative to deliberate on bills regarding central bank digital currencies (CBDCs), stablecoins, and market structure.
In a notice released Wednesday, leadership from the House Committee on Ways and Means along with the Oversight Subcommittee announced a July 16 hearing aimed at examining “the proactive measures required to establish a tax policy framework on digital assets.” The event, titled “constructing digital asset policy for the 21st century,” will take place as House members are anticipated to vote on three cryptocurrency-related proposals.
At the time of publication, it was uncertain which witnesses would be called to provide testimony at the hearing. The US Senate Banking Committee convened on Wednesday to discuss market structure legislation, featuring contributions from Ripple CEO Brad Garlinghouse, Blockchain Association CEO Summer Mersinger, and Chainalysis CEO Jonathan Levin.
Republican legislators from both chambers have proposed varied legislative solutions to tackle regulatory challenges facing the cryptocurrency and blockchain sectors.
Amid debates on US President Donald Trump’s budget proposal, Wyoming Senator Cynthia Lummis suggested a provision aimed at addressing double taxation for cryptocurrency miners and stakeholders. The Senate passed the appropriations bill without such an amendment, prompting Lummis to submit an independent draft bill concerning digital asset taxation shortly thereafter.
Related: US CLARITY bill may enable Tesla and Meta to avoid SEC regulations — Senator Warren
Will the House or Senate tackle market structure?
The Republican initiative for a “crypto week” of legislation commencing Monday will see lawmakers in the House consider the GENIUS Act regarding payment stablecoins, alongside the Anti-CBDC Surveillance State Act, and the Digital Asset Market Clarity (CLARITY) Act for market structure.
While the CLARITY Act originated in the House, leaders within the Senate Banking Committee stated in June that the chamber planned to advance its own strategies for crypto market structure, aiming for a September timeline. Two distinct versions of the Anti-CBDC Surveillance State Act were introduced separately in both the House and Senate, though neither has made progress through either chamber.
In contrast, the GENIUS Act is poised for a complete House vote after potential amendments and discussions, having received Senate approval in June. Trump urged House lawmakers to enact a “clean” bill with “no additional provisions,” indicating his willingness to sign it immediately following a vote.
Magazine: A confrontation between Bitcoin and stablecoins approaches as the GENIUS Act nears
