In today’s Cryptography, US lawmakers will discuss crypto tax policy as part of the Republican push to advance multiple digital asset invoices. Malta’s cryptocurrency licensing process has been scrutinized by the European Securities and Markets Agency (ESMA), with GMX halting trading after exposure to liquid pools exceeding $40 million.
US lawmakers focusing on crypto tax policy
US House members will hold a crypto tax policy hearing next week as part of a broader GOP effort to advance various crypto-related bills.
The House Committee on Measures and Measures and Oversight Committee is scheduled for a hearing on July 16th. Lawmakers will discuss “the positive steps necessary to place a tax policy framework on digital assets.” The event is known as “Guaranteed Digital Asset Policy Building for the 21st Century.”
Source: US House Committee on Methods and Means
The notice did not specify which witnesses would testify. Earlier this week, Ripple CEO Brad Garlinghouse, Chain Analytics CEO Jonathan Levin, and Blockchain Association CEO Summer Mersinger testified at a Senate Banking Committee hearing on market structure law.
Earlier this month, Wyoming Sen. Cynthia Lumith introduced a law aimed at eliminating double taxation on crypto miners and stackers, but the proposal did not do that to the final amendment to President Trump’s budget bill.
Malta’s MICA license is being scrutinized by EU regulators
On Thursday, ESMA issued a review of the Crypto Asset Service Providers (CASPS) approval process by Malta’s Financial Services Authority (MFSA) to highlight some shortages and propose a set of recommendations.
Despite the MFSA saying it met certain expectations in the setup and staffing of the supervisor, the EU Watchdog said Maltese authorities “partially met expectations” during the unidentified CASP approval process.
Following the review, the ESMA Ad Hoc Peer Review Committee (PRC) recommended that the MFSA “evaluate important issues that are either pending on the date of approval or not properly considered at the approval stage.”
This report has emerged over a year since the MICA framework came into effect on June 29, 2024, and has become a major milestone in the EU’s approach to regulating digital assets.
As MICA aims to provide a consistent, uniform legal framework for crypto in the EU, regulators emphasized that MICA’s licensing approach applies to all national authority (NCA).
While fully meeting the requirements for supervision setting, and primarily the supervision review rules, the report said the MFSA was only “partially meeting expectations” related to “certifying a particular CASP.”
Malta’s MFSA “needs to closely monitor the growth of authorised applications,” PRC said, identifying and adjusting supervision practices in a timely manner.
Binance Founder’s Family Office Backs BNB Treasury Firm aims to be an IPO
The family office of Changpeng Zhao, co-founder of Binance, is set to set back the new treasury company that will provide investors with BNB exposure with plans to open to the US.
YZI Labs said on Wednesday it will help the BNB (BNB) finance company spin up, pursuing the BNB (BNB) Treasury Department list, according to a statement shared with CointeLegraph.
The company, referred to solely as “BNB Treasury Company,” appoints David Namdar as CEO. He is a senior partner at 10x Capital, co-founder of Galaxy Digital, and previously co-head of trading. 10X Capital will serve as the asset manager for the planned BNB purchase company.
The planned company is the latest in the trends of companies buying large amounts of cryptocurrency, such as Bitcoin (BTC), providing Wall Street with a vehicle for exposure to digital assets.
