Crypto industry groups are pushing Congress to pass a tax bill that would exempt mining and staking rewards from taxable income. House Democrats are skeptical, fearing it could unfairly favor crypto over traditional investments, and prospects for the bill's passage this year remain uncertain as midterms approach.
Nine US House Democrats have asked the FTC to investigate prediction markets for potentially misleading advertising, contrasting their public-facing gambling-like language with their claims to regulators as financial tools. They seek information on potential enforcement actions.
House Democrats demand Commerce Secretary Howard Lutnick's resignation, alleging he lied about his relationship with Jeffrey Epstein, a convicted sex offender, and failed to be candid during a closed-door interview.
Over 70 House Democrats have urged President Trump to block Chinese carmakers from entering the US market, warning of irreversible consequences for American workers, supply chains, and national security. The letter, led by Rep. Debbie Dingell and signed by 73 lawmakers including Ro Khanna, comes ahead of Trump's planned summit with Chinese President Xi Jinping on May 14-15 in Beijing.
Republican Senator Thom Tillis says he will vote against the Senate's crypto market structure bill unless it includes ethics provisions limiting how White House officials can use cryptocurrency. Tillis, a senior member of the Senate Banking Committee who is retiring next year, told Politico that he will go from negotiating the bill to opposing it if ethics language is not included. Democratic Senator Ruben Gallego emphasized that no final bill can pass without bipartisan agreement on ethics provisions. The bill divides crypto regulation between the CFTC and SEC and has faced delays over ethics and stablecoin yield provisions. Democrats have sought to address concerns about the Trump family's expanding crypto businesses.
