Technically speaking, summer hasn’t started yet and won’t for another week. But it’s over 90°F in New York, the House Ways and Means Committee held a hearing to work through crypto tax legislation, the Commodity Futures Trading Commission put out a proposal for regulating prediction markets, former CFTC and Securities and Exchange Commission Chair Gary Gensler filed an amicus brief in one of the many, many lawsuits around prediction markets and Sam Bankman-Fried’s appeal was rejected by an appellate court panel. Welcome to the summer of crypto regulations.

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Busy week

The narrative

Last Tuesday’s House Ways and Means Committee hearing on digital asset tax bills was pretty straightforward. The members of the committee asked largely substantive questions, seemingly aimed at better understanding both how crypto taxes might work as well as what holes exist in current tax policy. There was no sniping at each other, no real pot shots at President Donald Trump and his family and no major arguments. At most, we had a few lawmakers question whether crypto is really an urgent issue amid current economic conditions.

In agency news, the CFTC published a proposal for better regulating prediction markets, giving the general public some time to weigh in, even as the various legal cases continue.

Why it matters

Crypto taxes are the next big issue after the market structure bill happens (if it happens, anyway). And while the hearing wasn’t exactly spicy, it did suggest that there is a lot of work to be done before crypto tax legislation can proceed through a markup and to the House floor.

The CFTC’s proposal to more closely regulate prediction markets is a first step in this process, and the public comments will be revealing.

Breaking it down

Tuesday’s hearing from the Ways and Means Committee saw lawmakers ask questions about the various discussion draft bills presented for the hearing, addressing the different aspects of the crypto tax debate. It was a remarkably conciliatory hearing, when contrasted with some of the other hearings the crypto industry has watched.

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