News list for "U.S. congress"
The U.S. House of Representatives is working on a draft cryptocurrency tax bill called the Digital Asset PARITY Act, which would exempt stablecoin transactions under $200 from capital gains tax, with a five-year tax-deferred option for staking and mining rewards.
According to the US Capitol Hill: Former US Vice President Harris is considering running for governor of California, but has not yet made a final decision and is still considering all options. (Jin Ten)
Mr. Schumer, the Democratic leader in the US Senate, has sought to shift the blame for a possible US government "shutdown" in March to John Thune, the Republican leader in the Senate, and congressional Republicans. Mr. Schumer said Mr. Thune "appears to have abandoned" the normal order of the appropriations process. Republicans have a responsibility to take seriously and avoid a Trump administration "shutdown" in a bipartisan way.
Congressional Budget Office (CBO): The projected U.S. budget deficit for fiscal year 2025 is $1.865 trillion, while the budget deficit for fiscal year 2024 is $1.832 trillion. Under current law, the U.S. public debt is projected to reach 99.9% of GDP by 2025 and rise to 118.5% in fiscal year 2035.
Former SEC Chairperson Jay Clayton said on Wednesday that Congress could pass legislation to regulate cryptocurrencies under Trump. Clayton also said he favors easing regulatory burdens to encourage companies to go public, heralding a broad change in public policy that the industry is currently looking forward to, as they spend heavily to influence this month's presidential election.
This week, the US national debt exceeded $35 trillion for the first time. According to the Congressional Budget Office, the national debt will reach $56 trillion by 2034 as spending and interest expenses grow faster than tax revenue. Senator Cynthia Lummis of Wyoming wrote on the X platform. "Now that the national debt has exceeded a staggering $35 trillion, the Bitcoin strategic reserve can stop this runaway train and help our children and grandchildren pay the national debt."
According to Bitcoin Magazine, US Congressman Thomas Massie said that after reading The Bitcoin Standard, he decided to introduce a bill to end the Federal Reserve.
On June 13, U.S. Congressman Brad Sherma submitted an amendment to the House Rules Committee that would require the following to be included in the National Defense Authorization Act (NDAA): 1. The US Treasury secretary will have "explicit authority to prohibit digital asset trading platforms and trading intermediaries under the jurisdiction of the United States from transacting with cryptocurrency addresses known or likely to reasonably be identified as being in Russia." 2. The Financial Crimes...
US Congressman Thomas Massie introduced a bill to abolish the Federal Reserve.
Patrick McHenry, chairperson of the U.S. House Financial Services Committee, said the new legislation will give the cryptocurrency industry more clarity on regulation and could lead to a House vote by the end of May. The proposed legislation, known as the Financial Innovation and Technology for the 21st Century (FIT21) Act, aims to provide a clear regulatory framework for digital assets and address long-standing market regulation and consumer protection concerns.
