Mike Crapo News

Crypto policy think tank Coin Center has sent a formal letter to Senate Finance Committee Chairman Ron Wyden and Finance Committee Ranking Member Mike Crapo, advocating for clear and reasonable tax policies for digital assets.

Scott Bessent, a seasoned Wall Street investor, was confirmed on January 28, 2025, as the 79th US Secretary of the Treasury, becoming the first openly gay cabinet member in a Republican administration. At 62, Bessent brings four decades of global investment experience to the role, having built strong ties with international financial leaders. His nomination secured bipartisan support in the Senate with a 68-29 vote. Republican Senator Mike Crapo praised Bessent’s commitment to economic growth, while Democratic Senator Ron Wyden expressed concerns about his alignment with President Donald Trump’s policies. «It is crucial to have a Treasury Secretary in place to navigate economic challenges, and I support his confirmation,» Wyden said. Despite reservations, several Senate Democrats backed Bessent, citing the need for stability in financial leadership.

Sen. Mike Crapo, R-Idaho, unpacks the tax code and tariffs proposal under President-elect Donald Trump on Kudlow.

Sen. Mike Crapo, R-Idaho, unpacks the tax code and tariffs proposal under President-elect Donald Trump on Kudlow.

The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted suggestions for lawmakers to consider in potential legislation on the tax treatment of digital assets.

Cryptocurrency advocacy group Coin Center has provided suggestions for United States lawmakers to consider in potential legislation related to the taxation of digital assets.

United States Senate Financial Services Committee Chair Ron Wyden and ranking member Mike Crapo released an open letter to the digital asset community on July 11 asking for input on the taxation of digital assets. The senators are looking for solutions to highly complex taxation issues, so much so that they offered background reading from the Joint Committee on Taxation to prepare respondents.

United States Senator Bill Hagerty has sent a letter, cosigned by four other Republican senators, to Securities and Exchange (SEC) Commission chair Gary Gensler urging the withdrawal of a staff accounting bulletin, referred to as SAB 121, issued by the agency March 31. According to the senators, the bulletin amounts to “regulation disguised as staff guidance” and does not adhere to the Administrative Procedure Act.

At his confirmation hearing in front of members of the Senate Banking Committee, Federal Reserve chair Jerome Powell said the agency would be releasing its report on cryptocurrencies “within weeks.”

A bipartisan group of U.S. senators have called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law by President Joe Biden around the tax reporting requirements on crypto.