Last Friday, Rep. Gary Palmer (R-AL) introduced a resolution to rescind Treasury’s final rule establishing tax reporting requirements for certain custodial digital asset brokers. Senator Ted Budd (R-NC) also recently introduced tax legislation, proposing a de minimis tax exemption for small, personal cryptocurrency transactions. On the enforcement side, the Federal Reserve of Philadelphia renewed concerns of an Operation Chokepoint 2.0 against crypto, as it will now require Customers Bank to bolster its risk-management and illicit finance programs, and notify the Fed prior to engaging in any digital asset-related activities. Also, Judge Torres issued a final judgment in SEC v. Ripple, enjoining Ripple from further violations of securities laws and imposing a civil penalty of $125 million.
Advanced AI Digests with all of the features in Lite plus Key Developments for major protocol changes
