Trump administration, US legislators turn attention to crypto tax policy starting July 9
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The House Ways and Means Committee and the Senate Banking Committee are set to hold separate hearings on the digital assets market on Wednesday, July 9, following the completion of President Trump’s major tax and budget bill. Congress now appears ready to take serious steps toward regulating the crypto industry. House Speaker Mike Johnson has designated the week of July 14 as “Crypto Week,” during which the House will consider a series of bills focused on market structure and stablecoins. Beyond the House and Senate hearings, a handful of key developments could steer the future of US crypto policy. The Senate Banking Committee will put out a discussion draft this week to reform market structure based on the 2023 Lummis-Gillibrand Responsible Financial Innovation Act and as related to provisions in the House’s CLARITY Act. The US House develops strategies to focus mainly on the crypto market The House hearing scheduled for Wednesday is titled Ensuring Digital Asset Policy Built for the 21st Century. According to information from the committee’s website, it will focus on what needs to be done to create a tax policy framework for digital assets. As of Sunday last week, there was no list of witnesses available. Meanwhile, the Senate hearing is titled Building Tomorrow’s Digital Asset Markets. It will include Blockchain Association CEO Summer Mersinger, Chainalysis CEO Jonathan Levin, Paradigm general partner Dan Robinson, and Ripple CEO Brad Garlinghouse as witnesses. This committee will discuss liquidity systems, how digital assets are held securely, and whether stablecoins are properly backed. As part of “Crypto Week,” House Republicans are preparing to bring two major crypto-related bills to the floor for a vote: the CLARITY Act and the GENIUS Act, Johnson said. The CLARITY Act, which received approval from two House committees, would create clear authority boundaries between the SEC…
Filed under: News - @ July 7, 2025 2:22 pm