Crypto Taxation Hearing Scheduled by Senate Committee for October 1

TLDR

• The Senate Finance Committee will hold a hearing on October 1 to discuss crypto taxation.
• Key witnesses, including experts from Coinbase and Coin Center, will testify during the hearing.
• Senator Cynthia Lummis has proposed a bill to reduce taxes on Bitcoin transactions and eliminate double taxation.
• The hearing could shape future decisions on how the U.S. taxes digital assets.
• A potential government shutdown could delay the hearing and the crypto market structure markup.

The Senate Finance Committee will convene a hearing on October 1 to discuss crypto taxation. The committee will examine how the U.S. should handle taxes on digital assets. Key crypto stakeholders will testify during the session, offering their views on the matter.

Senate Finance Committee Announces Crypto Taxation Hearing

The Senate Finance Committee, chaired by Mike Crapo, will hold a hearing titled “Examining the Taxation of Digital Assets.” The hearing will focus on how the U.S. should tax cryptocurrency transactions. Lawrence Zlatkin, Vice President of Tax at Coinbase Global, and Jason Somensatto, Director of Policy at Coin Center, will be among the witnesses.

Chairman Crapo emphasized the need to address crypto taxation and bring clarity to the industry.

The hearing could shape future decisions on crypto taxation and the regulatory landscape for digital assets.

Senator Lummis Introduces Bill to Lower Bitcoin Taxes

Pro-crypto Senator Cynthia Lummis has proposed a bill that could change how crypto assets are taxed. The proposed bill would reduce taxes on Bitcoin transactions and eliminate double taxation. It also suggests a de minimis exemption for transactions under $300.

Lummis believes that current crypto taxation rules are outdated and need updating. “We must adopt a modern approach to tax digital assets and encourage innovation in this space,” she said. If the bill passes, it could lower tax burdens on crypto investors and users.

A potential government shutdown could delay the crypto tax hearing. To avoid a shutdown, lawmakers must pass a short-term funding bill by September 30. Additionally, a crypto market structure markup is already delayed, likely pushing it into late October.

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