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Crypto
CLARITY Act may pick up pace in U.S. Senate as stablecoin reward dispute eases
The U.S. Senate\'s crypto market structure bill known as the CLARITY Act may regain momentum at the Senate Banking Committee stage after some differences over stablecoin rewards eased. Senator Thom Tillis said many concerns raised by the banking industry had been addressed and he would recommend moving ahead with the amendment review process and a markup. The timeline remains tight, with unresolved issues including ethics provisions and possible jurisdictional disputes.
Crypto
U.S. senator urges delay of CLARITY Act until May as bank-crypto split persists
A U.S. Senate Banking Committee review of the crypto market structure CLARITY Act is increasingly likely to slip beyond April. Punchbowl News, cited by Cointelegraph, reported that Republican Senator Thom Tillis urged Chairman Tim Scott to move the bill’s markup to May. The key dispute is a stablecoin interest provision, with banks warning of deposit outflows and the crypto industry seeking more flexible rules. A lobbying group urged swift action.
Crypto
U.S. unveils crypto tax overhaul proposal, sparking controversy over Bitcoin exclusion
The United States is moving to overhaul its cryptocurrency tax rules, with two members of the U.S. House of Representatives releasing a draft Digital Asset PARITY Act. The proposal would clarify tax treatment by amending the Internal Revenue Code. It would exempt capital gains on dollar-pegged stablecoins when price moves stay within 1 percent and waive tax and reporting duties for stablecoin transactions of $200 or less, though an annual cap is undecided. Bitcoin would not qualify for the exemption.
