butterscotch is the only media outlet exclusively covering news about inclusion in Web3, DeFi, crypto. CHEWS is our inaugural, weekly newsfeed, providing timely policy updates, industry trends, market research.
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🎙 NEW EPISODE DROPS TOMORROW
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| Tomorrow: Crypto Tax Hearing |
House Committee on Ways and Means will hold a hearing to discuss legislation relating to the taxation of digital assets on Tuesday, June 9, at 2PM in 1100 Longworth HOB.
The recently released PARITY Act has been restructured as seven draft bills that will also be discussed during the hearing.
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Push To Establish Fair Capital Standards For Digital Assets |
Senate Banking Subcommittee on Digital Assets Chair Cynthia Lummis (WY) and Senator Dan Sullivan (AK) led their colleagues Senators Bill Hagerty (TN), Bernie Moreno (OH), Ted Budd (NC), and Jon Husted (OH) in sending a letter to Federal Reserve Vice Chair for Supervision Miki Bowman, FDIC Chairman Travis Hill, and Comptroller of the Currency Jonathan Gould urging the agencies to build on recent progress clarifying the capital treatment of tokenized securities and move toward a clear and fair capital standard for banks engaged in digital asset activities.
“The Basel Committee on Bank Supervision published prudential capital standards for the on-balance sheet treatment of digital assets like bitcoin in 2022 and assigned a 1,250% risk weight— the most punitive classification in the capital framework,” the senators wrote. “This classification was not derived from a calibrated assessment of the actual risk profile of digital assets, however. This framework appears to be a blanket penalty assigned by asset category as a de facto ban on banks holding this asset class, in direct tension with a technology-neutral approach. The practical consequences of this framework are stark.”
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The details of Illinois’ budget raising social media, crypto and fantasy sports taxes and pausing gas tax hike. Referred colloquially as a cryptocurrency tax, this measure would add a 0.2% levy on crypto and other digital currencies traded through brokers. The tax would not cover private transactions. - Chicago Tribune
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CFTC, a top Wall Street regulator is offering buyouts and early retirement packages to certain staff, according to an internal email seen by POLITICO. Just as Congress weighs handing the Commodity Futures Trading Commission new power over the more than $2 trillion crypto markets, the agency told some of its workforce late last week that they had until midnight Tuesday to indicate interest in the offer. - POLITICO
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- Senator Alsobrooks on Clarity Act: Won’t vote for a bill that doesn’t address illicit finance & ethics - CNBC
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JPMorgan, Citi and Big Banks Plan New Tokenized Deposit System to Answer Crypto. The new network could help banks contend with a wave of new competition from stablecoins and crypto firms. - Wall Street Journal
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Editorial Board: Stablecoins Are the Future of Money, Watch Out. - Bloomberg
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Greece is preparing legislation to impose a 15% capital gains tax on cryptocurrencies, two government officials with knowledge of the issue told Reuters. Greece doesn't have a comprehensive legal framework for taxing cryptocurrencies, and European Union countries don't have a unified taxation system for the sector. - Reuters
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- The BRCA is ready to become law. The BRCA’s final text reflects the concerns of skeptics while preserving the protection non-custodial developers need. - Coin Center
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butterscotch is a digital news studio broadcasting stories about Black, Latino, Indigenous DeFi retail investors, Web3 consumers, founders, executives, officials. The virtual newsroom - featuring eNews, Podcast, Live Events – seeks to deepen mainstream understanding of diverse segments of the emerging $3 trillion crypto industry.
Cleve Mesidor, CEO & Managing Editor
Ashlynn Mesidor, CTO & Co-Founder
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