Bitcoin showed little price movement as the U.S. House Ways and Means Committee convened a hearing to advance crypto tax legislation.
House Ways and Means Committee Tax Hearing
The committee focused on substantive inquiries, probing how a digital‑asset tax framework could be integrated into existing fiscal policy. Lawmakers sought clarity on potential loopholes and the broader impact on the crypto market, while avoiding partisan attacks. Some members questioned whether the issue warranted priority amid current economic pressures.
Former CFTC and SEC chair Gary Gensler added his voice by filing an amicus brief in a pending lawsuit concerning prediction markets. Gensler’s brief underscores the regulator’s interest in shaping how blockchain‑based prediction platforms are governed. His involvement signals heightened scrutiny from federal agencies toward emerging crypto applications.
CFTC Proposal for Prediction Markets
The Commodity Futures Trading Commission released a draft rule aimed at tightening oversight of prediction markets that operate on blockchain technology. The proposal invites public comment, giving investors an opportunity to influence the final regulatory shape. By targeting these markets, the CFTC hopes to close gaps that could expose participants to fraud or systemic risk.