U.S. Crypto Regulation Heats Up with Tax Hearings, CFTC Rules, and Court Cases
The U.S. crypto regulatory landscape intensified this week with multiple developments. The House Ways and Means Committee held a hearing on digital asset tax legislation, focusing on technical aspects rather than partisan infighting, signaling a pragmatic approach to closing tax loopholes. The Commodity Futures Trading Commission (CFTC) proposed new rules for prediction markets, seeking public input on how to define gaming and its oversight, while also filing a lawsuit against New Mexico over sports-related prediction markets. Former CFTC and SEC Chair Gary Gensler filed an amicus brief arguing that swaps laws were not intended to cover sports betting. Additionally, Sam Bankman-Fried's appeal against his 2023 fraud conviction was rejected by the Second Circuit Court of Appeals. These events highlight the growing regulatory scrutiny across taxes, market structure, and enforcement, setting the stage for further legislative and legal battles.
Key facts
- House Ways and Means hearing focused on crypto tax bill details.
- CFTC proposed prediction market rules, seeking public comments.
- Gary Gensler filed amicus brief against sports betting as swaps.
- CFTC sued New Mexico over sports prediction markets.
- Sam Bankman-Fried's appeal rejected by Second Circuit court.