The White House will tease its next moves to remake cryptocurrency regulation today when its working group on digital assets releases its long-awaited report.
Already, President Donald Trump’s second administration has undone many of the crypto-related rules the Biden administration issued — and the report, six months in the making, is expected to plot agencies’ future steps, including on a crypto reserve.
Another likely area of focus: crypto taxes.
Sen. Cynthia Lummis, R-Wyo., who pushed for proposals like absolving bitcoin miners of reporting gains and losses in the GOP’s megabill, told Semafor the issue is “on people’s radar screens,” particularly after House Ways and Means Chair Jason Smith organized a hearing on it.
Lummis and other Republican senators are asking whether they should include “taxonomy” provisions in their legislation overhauling crypto regulations.