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     16 days ago  

    5/5 🧵 The wildcard is state-level nonsense. Illinois is considering a 0.2% tax on certain digital asset transactions, and critics say that’s exactly how you push builders and capital somewhere else. The main takeaway: DC is finally treating crypto tax policy like real legislation instead of a side quest, and the next couple months could shape how the U.S. taxes and regulates the entire sector. 📎 Source

    #threadstorm

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       16 days ago  

      4/5 🧵 At the same time, the Senate is still grinding through the CLARITY Act, which is the broader market structure fight. Senator Cynthia Lummis says they’re stitching together Banking Committee and Agriculture Committee versions, plus ethics provisions and GENIUS-related changes, with a possible floor vote before the August recess. Translation: tax rules and market structure are now moving in parallel.

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         16 days ago  

        3/5 🧵 Industry groups are largely backing the approach. The argument is simple: breaking up the old PARITY-style framework into narrower bills gives Congress a better shot at fixing the details without rushing bad policy. That matters, because tax language is where “innovation-friendly” bills go to die if lawmakers get sloppy.

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           16 days ago  

          2/5 🧵 The House package targets the pain points the industry has been yelling about for years: staking, mining, lending, stablecoin transactions, wash sale rules, crypto donations, and disclosure requirements. The idea is to handle each issue on its own merits instead of jamming everything into one giant political food fight.

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             16 days ago  

            1/5 🧵 Congress is back in crypto mode, and the big shift is this: instead of cramming tax reform into one messy omnibus bill, lawmakers split it into 7 separate crypto tax proposals. That’s smarter, more likely to move, and a hell of a lot easier to negotiate.

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