Despite a pileup of a bad news — layoffs at major companies, ongoing hacks, and the collapse of several high-profile crypto projects that have devastated Main Street investors — the sector is on a hot streak in Congress.
In just the last two weeks, a bipartisan group of senators unveiled a proposal to hand oversight of cryptocurrency spot markets to the Commodity Futures Trading Association, the third bipartisan bill since April that would codify a leading role for the industry’s preferred regulator.
Sens. Patrick J. Toomey (R-Pa.) and Kyrsten Sinema (D-Ariz.) teamed up to pitch exempting crypto used for everyday purchases, like buying a sandwich, from capital gains taxes.
And that pair, along with Sens. Mark R. Warner (D-Va.) and Cynthia M. Lummis (R-Wyo.), proposed limiting the reach of a provision signed into law last year that tightened tax reporting requirements on crypto transactions. In announcing the bill, the senators included praise from eight industry representatives.
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...