Crypto

U.S. Senate introduces crypto tax bill, proposes tax exemption for stablecoin payments

U.S. Republican Senator Steve Daines introduced a crypto tax overhaul bill on Sept. 30 that would exempt taxes on stablecoin payments and small network fees. The proposal seeks to reduce tax burdens for everyday crypto use while extending anti-avoidance rules used for stocks to cryptocurrencies. It would exclude certain U.S. dollar stablecoin purchases from capital gains and reporting requirements and set limits for network-fee transactions, with exclusions for traders, dealers and others.

Crypto

U.S. SEC, CFTC step in after Clarity Act stalls

The U.S. Senate blocked the crypto market structure bill known as the Clarity Act from advancing procedurally, sharpening a shift in regulatory momentum from Congress to agencies. The bill failed 49 to 50, with Democrats opposed and several Republicans joining them. Lawmakers traded blame, while some Democrats said the bill is not dead. Attention is turning to the SEC and CFTC as they begin issuing steps and proposals affecting the market.