U.S. senators and crypto specialists propose stipulations for digital asset market structure legislation while highlighting the reality of illicit financing on public blockchains and noting the Trump family’s crypto dealings.
Despite a push from Senator Cynthia Lummis (R-WY), an amendment regarding de minimus capital gains exemption on crypto spending was not included in the version of the One Big Beautiful Act that passed in the Senate.
Senator Bill Hagerty (R-TN), the main sponsor for the GENIUS Act, and policy analysts from the Bitcoin Policy Institute and Galaxy Digital believe that combining the GENIUS Act with the CLARITY Act as the former heads to the House floor for a vote will lower the likelihood of it passing.
The section of the CLARITY Act (H.R. 3633) that protects Bitcoin and crypto users’ right to use noncustodial wallets as well as developers’ right to create such tools without being subject to The Bank Secrecy Act (BSA) will remain in the bill as it gets voted on in the House.
Call your local elected officials and tell them to support the BRCA, which protects developers of noncustodial technology as well as a variety of services that preserve privacy and make it easier to scale Bitcoin.
A bill introduced to the Rhode Island Senate would enable the state’s residents to spend or sell just under $1,000 in bitcoin 10 times per month without incurring state capital gains taxes.
Congressman Gabe Amo (D-RI) and Congresswoman Young Kim (R-CA) believe that blockchains can help protect democratic values, citing evidence of the Bitcoin blockchain being used to safeguard election results.
Speakers at the Bitcoin Policy’s Institute’s Bitcoin For America event made the case that it's time for the United States to lead the way when it comes to Bitcoin adoption.
President Trump and his administration have made it clear that they will treat bitcoin differently from other digital assets at the first-ever White House Crypto Summit and in the executive order the President signed last night.
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