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In Today’s Edition:
**Headline:House Panel Unveils Crypto Tax BillGlobal Legal Roundup****Case Study:**Aave Founder Pitches DeFi’s Uber Path
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HEADLINE
**State of play: **The House Ways and Means Committee released a 114-page crypto tax bill on Monday, the Digital Asset Tax Certainty Act, ahead of a Wednesday markup covering fees, stablecoins, mining, staking, and wash sales.
A de minimis exception would let crypto fees of $10 or less skip gain-or-loss reporting, starting in 2028.
Qualifying US dollar stablecoins would generally use redemption value as tax basis for small deviations from the $1 peg.
Mining and staking income would be taxed as ordinary income, though certain investment trusts could stake without affecting their tax status.
Wash-sale rules would extend to digital assets, disallowing losses on substantially identical assets bought within 30 days.
The bill drops an earlier deferral option for newly minted assets and requires Treasury to launch a Voluntary Disclosure Program within 12 months.
**What’s Next: **The Ways and Means Committee holds its markup Wednesday at 10 a.m. ET, where lawmakers can amend the bill before a potential full House vote.
**Why it Matters: **Clear tax rules on staking, mining, fees, and stablecoins would resolve years of ambiguity that has left taxpayers guessing and complicated routine crypto activity.
Our Take: Dropping the mining and staking deferral option industry groups wanted signals lawmakers are prioritizing revenue certainty over crypto-friendly concessions, a trade-off that could draw pushback before Wednesday’s markup.
GLOBAL LEGAL ROUNDUP
🇺🇸
USsanctionsIranian crypto exchange BitBank.🇺🇸
SECreleaseslong-awaited innovation exemption.🇺🇸
NYAGleadsbipartisan push against the Clarity Act.🇺🇸
House committeereleasessweeping crypto tax bill.🇺🇸
Visato closeCrossmint memecoin rewards loophole.🇺🇸
CFTCfilescrypto asset rulemaking with White House.🇺🇸
House panelapprovesfirst federal crypto tax framework.🇺🇸
CFTCfollowsSEC with developer-friendly no-action stance.🇺🇸
House committeemovesto codify Trump’s Strategic Bitcoin Reserve.🇺🇸
Sen. GillibrandsaysDemocrats still committed to passing Clarity Act.🇺🇸
UnderdogsuesConnecticut to stop sports prediction market crackdown.🇺🇸
Aave founderpitches‘Uber path’ for DeFi after Clarity Act fails Senate vote.🇺🇸
DOJchargesRobinhood former engineers with front-running crypto listings.
🇪🇺
ECB Presidentintervenedto block Binance’s EU MiCA license.
🇰🇷
South Korean investorspushfor fourth crypto tax delay.🇰🇷
South Korean policecharge26 Polymarket users for illegal gambling.
CASE STUDY
State of play: Aave CEO Stani Kulechov said DeFi may need to grow adoption to a scale lawmakers can’t ignore, an “Uber path” to regulation, after the Clarity Act failed a Senate advancement vote this week.
Kulechov said he remains hopeful Clarity can still pass this year but sees mass adoption as the fallback path to regulatory clarity.
Aave launched a real-world asset hub on Avalanche for institutional lending, letting tokenized assets serve as collateral to borrow stablecoins.
He said institutional demand will drive growth since “institutions come with size.”
Kulechov called tokenization a go-to-market challenge now, not a technological one.
Aave is also building a consumer savings app that abstracts wallets, networks, and stablecoins for bank-to-DeFi transfers.
Our Take: Kulechov’s “Uber path” framing is a pragmatic hedge, but growing adoption faster than regulators can act is a riskier bet post-Clarity failure, since a hostile rule could land before DeFi reaches the scale he’s counting on to make it politically untouchable.
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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.
