A House Financial Services subcommittee held a hearing squarely focused on DeFi, where Members explored potential benefits and ways to enhance consumer protections and mitigate illicit finance risks. Rep. John Rose (R-TN) introduced a bill to establish a joint advisory committee on digital assets dedicated to advising the CFTC and SEC on digital asset regulations and harmonizing agency policies. And it was a busy week for federal agencies. The SEC approved tZERO Digital Asset Securities as a special purpose broker dealer, clarified the staff’s views on SAB 121 remain unchanged, settled securities registration violation charges against eToro, and stated crypto assets themselves are not securities in its amended complaint against Binance. At the IRS, the agency published instructions for how brokers should fill out the 1099-DA tax form when reporting certain digital asset transactions that take place beginning in 2025.
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