On the Digital Asset Market Clarity (CLARITY) Act, a bill to establish a regulatory framework for digital assets in the U.S.:
Nunn, a member of both the House Financial Services and Agricultural Committee, said he hopes the bill, if passed, would avoid the “regulatory flip flop” that drives markets overseas.
He’s confident it will make its way through Congress, saying “there is a real belief at this point there can be success.”
On working with the Senate, Nunn urged members of the upper chamber to “take a couple pages out of the House version” when it comes to market structure.
Miller echoed Nunn, saying Senate members are a “little late to the game, little late to the game on a lot of things, to be quite honest.”
“I believe that...they [Senators] should take a stronger look at our bill and work with us in a much more pragmatic fashion for all of us and the American people, to continue to innovate moving forwards,” Miller said.
It comes as some House lawmakers push to combine both the market structure and stablecoin bills together at the same time, possibly as soon as next month. The Senate’s stablecoin bill, the GENUIS Act, passed earlier this month and was sent to the House for consideration this week.
Miller, who sits on the House Ways and Means Committee, advocated for more tax policy when it comes to crypto.
“When it comes to cryptocurrency and a tax, as we all know, we’re the world’s reserve currency, if we go ahead and put a tax on cryptocurrency in a very responsible and a pragmatic way....I believe that cryptocurrency will continue to expand and grow wildly, backed by the United States government, putting that framework in balls and strikes,” Miller said.
The Ohio Republican said he is working with Sen. Cynthia Lummis (R-Wy.) on a wash sale rule for crypto. A wash sale is when someone sells a security at a loss to take a deduction on their taxes, but then immediately repurchases the same security.
Cryptocurrencies are currently exempt from the wash sale rule, but Lummis has proposed removing that exemption.
“If that [wash sale rule] gets in with the tax code, then that unlocks many things, it unlocks bonus depreciation, it unlocks de minimis,” Miller said, adding it would “benefit all of you in the industry that would invest in it and use it wildly.”
Both Miller and Nunn agreed crypto is becoming more of a bipartisan issue in Congress, but Miller noted it is still “not enough” progress.
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