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<p>Senate Finance Chair Ron Wyden has taken a proactive step by soliciting input on digital asset taxation through an open letter. Simultaneously, various groups have expressed their opposition to the Digital Asset Market Discussion Draft bill. In a separate move, Senators Lummis and Gillibrand have reintroduced the Responsible Financial Innovation Act, aiming to establish regulations for cryptocurrencies and digital assets.</p><p>The BSV Blockchain Gazette is presented by Bryan Daugherty, Global Policy Director for BSV Blockchain Association, featuring:</p><ul><li>Senate Finance Chair Ron Wyden</li><li>Senators Cynthia Lummis (R-WY) and <a href="https://www.linkedin.com/in/kirstengillibrand/" rel="noopener noreferrer nofollow">Kirsten Gillibrand</a> (D-NY)</li><li>House Financial Services Chair Patrick McHenry</li><li>Agriculture Chair G.T. Thompson</li><li><a href="https://www.linkedin.com/company/lbry/" rel="noopener noreferrer nofollow">LBRY Inc.</a></li><li>U.S. District Judge Paul J. Barbadoro</li><li><a href="https://www.linkedin.com/company/cboe/" rel="noopener noreferrer nofollow">Cboe Global Markets</a></li></ul><h2 id="header-0">Senate Finance Chair Seeks Input on Taxation of Digital Assets from Crypto Owners and Experts</h2><p>Senate Finance Chair Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) wrote an open letter to crypto owners, experts, and other interested parties to solicit input on a wide range of questions regarding the taxation of digital assets. Questions in the letter include whether traders should be allowed to mark-to-market their digital assets, how the IRS might implement reporting requirements to identify crypto transactions that function as so-called wash sales, and what kind of tax treatment should apply to rewards earned in connection with activities like mining and staking. The lawmakers stated that responses will be accepted until September 8.</p><h2 id="header-1">Multiple Groups Oppose Digital Asset Market Draft Bill, Warn of Potential SEC Undermining</h2><p>Nearly two dozen groups wrote a letter to House Financial Services Chair Patrick McHenry, Agriculture Chair G.T. Thompson, and other lawmakers expressing opposition to the Digital Asset Market Discussion Draft bill. The groups warn that the bill has the potential to undermine the SEC’s authority over crypto and Wall Street.</p><h2 id="header-2">Senators Introduce Responsible Financial Innovation Act to Regulate Cryptocurrencies</h2><p>Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) are set today to reintroduce their Responsible Financial Innovation Act to regulate cryptocurrencies and other digital assets.</p><h2 id="header-3">LBRY Inc. Permanently Barred from Crypto Industry, Faces $100,000 Penalty for Lack of SEC Registration</h2><p>U.S. District Judge Paul J. Barbadoro permanently barred LBRY Inc. from the crypto industry and ordered the company to pay a civil penalty of $100,000 for failing to register its digital token with the SEC. LBRY said that it will close entirely as a result.</p><h2 id="header-4">Cboe Global Markets Files Amended Application for Bitcoin ETF Listing with SEC</h2><p>On July 11 Cboe Global Markets filed an amended application with the SEC to list spot bitcoin exchange-traded funds.</p>

Senate Finance Chair Seeks Input on Digital Asset Taxation

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