All articles tagged with #digital assets
Sen. Steve Daines (R-Mont.) introduced a 56-page bill to overhaul digital asset taxation, featuring stablecoin exemptions and wash-sale rules. While the House passed a bipartisan version in September, the Senate measure lacks Democratic support. Senate Finance Chair Mike Crapo aims to pass legislation before year-end, but midterm elections and procedural hurdles threaten the timeline.
The article argues that handing down digital assets after death is complex and imperfect, but survivorship can be eased by inventorying assets, naming a fiduciary in a will, and giving explicit instructions on what to do without exposing passwords. In the US, the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) lets fiduciaries access certain contents while preserving privacy, and most states have it, though access often requires the decedent’s explicit permission. Built‑in tools from Google, Apple, and Meta are limited and can trigger issues with terms of service. DIY handoffs can fail due to technical or privacy hurdles, so best practice is to list assets and desired actions in a will, keep credentials separate, avoid relying on legacy account features, back up data, and update plans regularly.
U.S. Treasury Secretary Scott Bessent urged the Senate to immediately pass the Clarity Act, arguing it would strengthen consumer protections and anti-money-laundering rules while providing regulatory certainty for digital-asset markets; he defended protections for decentralized developers and quoted Satoshi Nakamoto. The bill would establish a federal framework for crypto oversight (SEC and CFTC) and could legalize most crypto activity, though its path faces ethics fights and an approaching August recess.
Strategy (MSTR) snapped a nine-day losing streak after unveiling a Digital Credit Capital Framework that could allow selling up to $1.25 billion of Bitcoin to fund its cash reserves (expanded to $2.55 billion), payouts on Stretch (STRC), and debt management; analysts praised the framework as a robust, direct answer to investor concerns, sending the stock up about 12.6% to $92.68, while the company holds 847,363 Bitcoin with roughly $13.1 billion in unrealized losses.
The Digital Asset Market Clarity Act (CLARITY Act) was added to the Senate calendar, signaling a near-floor vote after committee passage. The bill would define a regulatory framework for digital assets and clarify duties for the SEC and CFTC, with backing from Senate Banking Chair Tim Scott and urging swift action from Sen. Cynthia Lummis as Congress weighs crypto-market reforms ahead of the August recess.
Illinois lawmakers approved a FY2027 budget totaling about $56 billion—the largest in state history—funding K-12 education and local governments while raising revenue with taxes on social-media platforms by Illinois users, digital assets, fantasy sports, tobacco and sports betting on prediction markets, and a digital advertising tax that may face court challenges; the package delays a gas tax increase, adds a school-supplies sales tax holiday, and creates a one-time $400 SNAP payment under FRESH. Republicans criticized the rushed passage, while Democrats defend amid federal cuts. The plan relies on fund sweeps and includes a roughly 3% pay raise for lawmakers, with full funding of pensions and targeted property-tax relief, though some education funding increases are below inflation.
Datavault AI signed a non-binding term sheet for up to $2.0 billion in four $500 million asset-backed financing tranches, secured by a $2.0 billion fixed-income portfolio and paired with an exclusive global tokenization mandate for its platform. The deal would price new shares at $1.55-$2.00 per common share and include staged board seats for the counterparty, with closing contingent on definitive agreements, due diligence, shareholder and regulatory approvals. If completed, proceeds would fund scaling of the SanQtum GPU edge network and the IDE/IEE/NYIAX platforms. The arrangement is non-binding and may not close.
President Donald J. Trump signed an Executive Order to streamline regulations and promote financial-technology innovation, directing regulators to review and update rules to enable fintech growth while preserving safety and soundness. The order also tasks the Federal Reserve with evaluating and reporting on expanded access to Fed payment accounts and services for uninsured depositories and non-bank fintechs, signaling a push to modernize digital-asset integration and reduce outdated provisions, positioning the United States as a global leader in fintech and digital asset activity.
The U.S. Department of the Treasury’s OCCIP announced a new no-cost program to provide eligible U.S. digital asset firms and industry groups with timely, actionable cybersecurity threat information to help identify, prevent, and respond to cyber risks, aligning with the President’s Working Group recommendations and GENIUS Act principles. Eligible entities can access the same high-quality intel used by traditional financial institutions, with details available by contacting [email protected].
In a Senate testimony, Federal Reserve Vice Chair for Supervision Michelle Bowman says the U.S. banking system remains sound with strong capital and liquidity, but growing nonbank competition is changing the landscape. She outlines steps to encourage responsible innovation, tailor regulation for community banks, advance EGRPRA to cut burdens, and modernize the large-bank framework (Basel III, SLR, stress testing, G-SIB surcharge). She also discusses CAMELS revisions, ending reputational-risk in supervision, increasing transparency by publishing internal manuals, and sharpening supervisory tools and accountability.
BitGo Holdings opened its NYSE debut about 25% higher after pricing 11.8 million shares at $18, valuing the company around $2.08 billion; the IPO raised roughly $198.5 million with Goldman Sachs and Citigroup leading the deal. BitGo, which provides wallets, validation, trading and custody for digital assets, arrived as the crypto market showed weakness (bitcoin trading below $90,000), signaling robust investor appetite for crypto infrastructure despite broader uncertainty. BitGo also stated it has regulatory approval to convert BitGo Trust Co. to a federally chartered bank for digital assets, underscoring regulatory clarity as Kraken and others eye IPOs.
The IRS advises taxpayers to prepare early for the 2026 filing season by reviewing new tax laws, using online accounts, opting for direct deposit, and reporting income from digital assets and online sales to ensure a smooth tax filing process.
Versant Media Group, spun off from Comcast, began trading on Nasdaq under the ticker VSNT, marking its emergence as an independent media company focused on digital growth, news, and sports, despite industry challenges like declining cable TV revenues and industry disruptions.
Turkmenistan has officially legalized cryptocurrency mining and exchanges, marking a significant policy shift in its tightly controlled, gas-dependent economy, though digital currencies are not recognized as legal tender or security.
Turkmenistan has officially legalized cryptocurrency mining and exchanges, marking a significant policy shift in its tightly controlled, gas-dependent economy, though digital currencies are not recognized as legal tender or security.