The crypto policy community has been getting questions from folks on Hill about the IRS Broker Rule, specifically the crucial @tedcruz / @RepMikeCarey CRA that would repeal it. Specifically— why is this CRA so important? The IRS Broker Rule is a backdoor CBDC. There are two

Always a wonderful time at #taxprom with the @TaxFoundation

1/ 🎂Happy 90th birthday Securities Exchange Act! Let's reminisce about what happened since you created the rules for brokers and exchanges. Radio was the big game in town in 1934 when you were born…

So much has led to this moment. Proud of my friends and colleagues on and off of the hill who have worked tirelessly to get this right.

1/ There are many myths in @SECGov Chair @GaryGensler's Statement on FIT 21. We break them down and provide the facts. https://t.co/h44ZcWVUBN

Join me today at 5pm for this timely discussion ahead of tomorrow’s House vote on FIT21.

A must read!

Let’s go!!

1/ 📣 FIT21 HEADED FOR A VOTE! The House Committee on Rules just posted H.R.4763, the Financial Innovation and Technology for the 21st Century Act (FIT21) https://t.co/9zR868FHC5

Yesterday, the House passed my bipartisan resolution with @USRepMikeFlood to repeal the @SECGov's misguided SAB 121. This is an important step in reining in the SEC’s overreach and ensuring consumer protection for digital assets. My full statement. ⬇️

Grateful to @RepDrewFerguson and @RepWileyNickel for their leadership regarding digital asset taxation through this thoughtful bipartisan bill. Among other things, the Providing Tax Clarity for Digital Assets Act will provide needed clarity when it comes to staking, mining, and

@SenLummis @RepWileyNickel @USRepMikeFlood 9/ A CRA resolution needs to be passed by both chambers of Congress and signed by the President. It would be unusual for POTUS to overturn a rule from his own administration. But this is an important exercise putting Congress on the record that SAB-121 is bad policy

@SenLummis @RepWileyNickel @USRepMikeFlood 8/

@SenLummis @RepWileyNickel @USRepMikeFlood 7/ So, what happens next? Lawmakers are hoping to use the Congressional Review Act (CRA), a law passed in 96 that gives Congress a chance to overturn agency rules – this option was used A LOT during the Trump administration, but used successfully just once prior to 2017

@SenLummis @RepWileyNickel @USRepMikeFlood 6/ That’s why the GAO decided last year that the “guidance” looks a lot like a rule (even though it did not go through the rulemaking process!) and Congress should get to review

@SenLummis @RepWileyNickel @USRepMikeFlood 5/ The SEC’s SAB-121 is not only misguided policy (advanced without the consultation of the actual bank regulators) but it failed to follow the normal public process for establishing this type of rule

@SenLummis @RepWileyNickel @USRepMikeFlood 4/ REMINDER: SAB-121 requires banks who custody digital assets to hold those assets directly on their balance sheets (hint: this is not how custody typically works and it results in astronomical capital requirements against those assets)

3/ That’s why we applaud @SenLummis , @RepWileyNickel , and @USRepMikeFlood for introducing a resolution to overturn the SEC’s staff accounting bulletin “SAB-121” on the custody of digital assets through the Congressional Review Act (CRA)

2/ Just as we have recently seen so many asset managers thrilled for the chance to offer Bitcoin ETFs, banks have been asking for years for regulatory clarity on digital assets (sound familiar?) https://t.co/jII1v1yMZS

1/ Banks and asset managers want in on the promise of web3 – they know crypto is here to stay – and crypto will have a role in new forms of finance AND tradfi 🧵