Crypto Summer Kicks Off in US as Regulators Take Aim at Taxes and Prediction Markets

The summer of crypto regulations has officially begun in the United States, with several key developments taking place over the past week. The House Ways and Means Committee held a hearing on digital asset tax bills, which was seen as a relatively conciliatory affair compared to previous hearings.

Lawmakers asked substantive questions about how crypto taxes might work and what holes exist in current tax policy, with no major arguments or sniping at each other. However, some lawmakers did question whether crypto is an urgent issue given the current economic conditions.

In agency news, the Commodity Futures Trading Commission (CFTC) published a proposal for regulating prediction markets, which has sparked debate and public comments are being accepted.