Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, US lawmakers weighed changes to crypto tax rules. Tornado Cash co-founder Roman Storm asked a judge to dismiss his conviction, and the White House withdrew Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission (CFTC).
US lawmakers debated crypto tax policy at Wednesday’s Senate Committee on Finance hearing, including possible tax exemptions for crypto transactions below a certain threshold and how income from staking services should be classified.
Lawrence Zlatkin, the vice president of tax at crypto exchange Coinbase, urged the Senate committee to consider a de minimis tax exemption for cryptocurrency transactions under $300 to encourage commercial use in payments and ensure innovation occurs inside the US. Zlatkin said:
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