NewsletterSenate Committee to Hold Hearing on Crypto Taxation on October 1
Highlights
- Executives from Coin Center and Coinbase will be among the witnesses at the hearing.
- This comes as industry leaders call for clear rules on crypto taxation.
- A looming government shutdown could lead to a postponement of the hearing.
The Senate Finance Committee will hold a crypto taxation hearing as the Trump administration continues to work towards providing regulatory clarity for the crypto industry. Crypto stakeholders will be among the witnesses during the hearing and will give their thoughts on how the U.S. should proceed in taxing crypto transactions.
Senate Finance Committee Announces Crypto Taxation Hearing
Senate Finance Committee Chairman Mike Crapo announced in a press release that they will convene a hearing entitled “Examining the Taxation of Digital Assets” on Wednesday, October 1. Witnesses for the hearing include Lawrence Zlatkin, Vice President of Tax at Coinbase Global, and Jason Somensatto, Director of Policy at Coin Center.
The proposed crypto tax hearing follows an earlier request for information from the committee, in which they asked the public for comments on digital assets and how they could fit into existing laws, or if there was a need for new legislation.
Notably, this hearing could build on the White House crypto policy report, which made recommendations on the taxation of digital assets. Trump’s Digital Asset Working Group had urged Congress to treat crypto assets as a new asset class, subject to modified versions of tax rules that apply to commodities and securities.
Pro-crypto Senator Cynthia Lummis has also proposed a crypto tax bill that will reduce tax on Bitcoin transactions and eliminate double taxation. She also proposed a de minimis exemption on transactions below $300.
Meanwhile, it is worth noting that there is still a possibility that the crypto tax hearing may be delayed due to a looming government shutdown. Lawmakers have until September 30 to either pass a short-term funding bill or the funding bills for the fiscal year.
The crypto market structure markup is already facing a delay, partly due to this looming government shutdown. The markup is likely to hold in the latter part of October, as opposed to the initial schedule for September 30.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Max Keiser Says New Bitcoin ATH “In Play” After Nasdaq’s IBIT Options Filing
- NYSE Arca Seeks SEC Approval to List T. Rowe Price BTC, ETH, XRP, DOGE, SHIB ETF
- Crypto Traders Bet on Bitcoin Hitting $100K by Year-End Amid Dovish Fed Pivot
- XRP Market Supply Plummets Amid Expanding Institutional Demand
- Cathie Wood Predicts Crypto Market Recovery as Liquidity Squeeze Ends
- Is XRP Price Gearing Up for a Rally as Reserves Collapse?
- Dogecoin Price Hovers Above $0.15 as Bulls Eye a Fresh Breakout
- Shiba Inu Price Could Rally As SHIB Burn Rate Surges 790% in 24H
- Binance Coin Price Faces Steep Risk as Key BSC Metric Crashes 75%
- Zcash Price Prediction — Is a Rally Ahead After Grayscale’s Bold ZEC ETF Bid?
- Ethereum Price Rallies Above $3,000 Ahead of Fusaka Upgrade: What to Expect?
