House Committee Holds Hearing on Crypto Tax Bills as CFTC Issues Prediction Market Proposal
The House Ways and Means Committee held a hearing on digital asset tax legislation. The Commodity Futures Trading Commission published a proposal for regulating prediction markets.
CoinDeskThe House Ways and Means Committee held a hearing last Tuesday on discussion draft bills addressing digital asset tax rules. Committee members asked questions about how crypto taxes might work and what gaps exist in current tax policy. The hearing proceeded without partisan exchanges or direct criticism of President Donald Trump.
The Commodity Futures Trading Commission published a proposal last week for overseeing prediction markets. The proposal includes a definition of gaming to determine which contracts would fall under federal swap regulation. Former CFTC and Securities and Exchange Commission Chair Gary Gensler filed an amicus brief arguing that the term "swaps" was never intended to cover contracts resembling sports betting.
The CFTC filed a lawsuit against New Mexico on Friday, maintaining that sports-related prediction markets remain swaps.
A Second Circuit Court of Appeals panel rejected Sam Bankman-Fried's appeal of his 2023 conviction on fraud and conspiracy charges. The panel found that District Judge Lewis Kaplan did not exceed his authority during the trial. No congressional hearings or agency events are scheduled for the current week.
