A House Financial Services subcommittee held a hearing focused on DeFi, where members explored the potential benefits and ways to improve consumer protections and mitigate illicit financial risks. Rep. John Rose (R-TN) introduced a bill to establish a Joint Digital Asset Advisory Committee to advise the CFTC and SEC on regulating digital assets and aligning agency policies. And it’s been a busy week for federal agencies. The SEC approved tZERO Digital Asset Securities as a special purpose broker-dealer, clarified that staff views on SAB 121 remain unchanged, settled securities registration violation charges against eToro, and said crypto assets themselves are not securities in its amended complaint against Binance. At the IRS, the agency has issued guidance on how brokers should complete tax form 1099-DA when reporting certain digital asset transactions that occur starting in 2025.
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